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Skills gap raises business fears Skills gap raises business fears
(40 minutes later)
Almost half of Scottish companies think that a skills shortage is the biggest threat to the nation's economic future, according to new research.Almost half of Scottish companies think that a skills shortage is the biggest threat to the nation's economic future, according to new research.
Some 45% of firms said a talent drought was forcing them to offer above inflation pay rises to attract and retain employees.Some 45% of firms said a talent drought was forcing them to offer above inflation pay rises to attract and retain employees.
Many businesses in Scotland reported struggling to recruit skilled workers.Many businesses in Scotland reported struggling to recruit skilled workers.
The findings came from a Lloyds TSB survey of more than 2,200 UK businesses.The findings came from a Lloyds TSB survey of more than 2,200 UK businesses.
Attract talentAttract talent
The labour problem seems to be particularly acute in Scotland, where 56% of Scottish businesses were struggling to recruit skilled workers, compared with 47% of firms in England and 46% in Wales. The report said the labour problem seems to be particularly acute in Scotland, where 56% of Scottish businesses were struggling to recruit skilled workers, compared with 47% of firms in England and 46% in Wales.
Manus Fullerton, director of corporate and business banking, at Lloyds TSB Scotland, said: "All the signs are that the skills gap is deteriorating, putting additional strains on the management of Scottish businesses as they try to attract talent ahead of overseas competition.Manus Fullerton, director of corporate and business banking, at Lloyds TSB Scotland, said: "All the signs are that the skills gap is deteriorating, putting additional strains on the management of Scottish businesses as they try to attract talent ahead of overseas competition.
"This is having a knock-on effect on salaries as employers have to pay more to keep staff, at a time when escalating energy prices are already stretching the purse strings for most Scottish businesses."This is having a knock-on effect on salaries as employers have to pay more to keep staff, at a time when escalating energy prices are already stretching the purse strings for most Scottish businesses.
"It's a sensible time for managers to focus on their people management as well as their financial management.""It's a sensible time for managers to focus on their people management as well as their financial management."