Latest ONS figures reveal £11.0 billion investment in Government spending in Science and Technology
Office for National Statistics figures released reveal that in 2014, the UK government spent £11.0 billion on science, engineering and technology (SET), an increase of 0.4% in current prices compared with 2013. This emphasises the importance of technology to boost growth in the UK economy.
The need to provide high-end technology is not matched with the skills currently available, according to a report from the Commons Science and Technology Committee. The report revealed that the UK is facing a digital skills crisis, with 745,000 more workers with digital skills required by 2017.
Businesses leaders need to draw their attention to talent and the central role it plays in their digital strategies. With growing business investment in this space, businesses require a well-trained workforce to harness the skills and keep pace with industry competitors. Nurturing the talent pipeline is necessary to strengthen a business’ position against competition, where technology allows them to stay ahead of the curve.
Farida Gibbs, CEO and Founder of Gibbs S3, comments: “One of the most vital things investment can be used for is securing talent with the right skillsets, who are able to provide the services that are required to cater to the digital native millennial generation. There is a gap between the digital skills which are possessed by employees and those which are needed.”