Business Matters: Challenges & Opportunities For Business After Covid

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Daniel Lally, head of business engagement and growth at Sheffield Hallam University, gives an overview of the government support available to businesses as part of the proposed retraining revolution.

Assessing the impact of Covid-19, the economy seems devastated. Activity has been dampened across sectors, with some suffering impacts that will see them permanently damaged. As the furlough scheme winds down, employers are making tough decisions about their staffing levels. At the same time, companies have to adjust to the new realities of Brexit and digital-first business, and address skills shortages.

Seeing action taken that makes the outlook appear more positive. Benefits from the fact that The government’s proposed ‘retraining revolution’ will create significant incentives for employers to create jobs and take on trainees, including new apprenticeship incentives and the Kickstart programme. Infrastructure projects are being created or brought forward, to help revive the economy as part of a ‘plan for jobs’. Specific measures for hard-hit sectors such as retail, hospitality and housing have been announced & The Job Retention Bonus will pay employers £1000 for each furloughed retained after the furlough scheme ends.

How can your business tackle the challenges and take advantage of the opportunities of the post-Covid era? Investing in your workforce is key. Staff development can help with upskilling and retention, and provide an alternative to redundancy. Retraining can empower your people to meet the skills challenges of sectors that are now ‘digital by default’, like engineering.

Alternative working patterns can reduce your wage bill while freeing up staff to pursue training and other opportunities. Apprenticeships, degree apprenticeships and the Kickstart programme can help you inject new talent into your business in a targeted, cost-effective manner.

Universites like Sheffield Hallam University has developed innovative, industry-relevant courses to support you with succession planning, upskilling and retraining staff. Our degree apprenticeships are designed in partnership with employers and professional bodies, and can be tailored to the needs of your business. They’re a practical, cost-effective form of vocational training that can help you attract, retain and motivate high-quality staff, fill high-level skills gaps, make your workforce younger and more diverse, stay up to date with how technology is impacting your sector.

Source: Insider Media Limited

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