Lack of skills puts engineering industry's growth plans on hold
26 Nov 2012
London – While almost three quarters of engineering firms in the UK report plans for growth, 60 % of these companies lack the skills and resource required to do so, new research shows.
The findings, from the Close Brothers Business Barometer, also reveal that 55% of businesses surveyed in the engineering industry are finding it more difficult than usual to achieve growth, whilst a further 16% are finding it near impossible.
Engineering firms, perhaps, don’t have the money either to hire new talent, or to invest in new resource and equipment that will allow them to move forward, suggests Steve Gee, managing director of Close Brothers Asset Finance’s engineering division.
In fact, 30% of respondents cited inability to access funds as the next biggest stumbling block to growth.
“Whether to fund expansion, resources or staff development, the need for businesses to find a lending solution that will suit their plans for growth is key as without this, their plans will come to naught,” said Gee.
