By Sam Vickerman, Insurance and Consumer Tech Practice Director, Grayce
Conversation around the Levelling Up agenda has focused public attention on the value to be gained from country-wide investment, reducing the long-standing prioritisation London has enjoyed. The foundations are being laid for the UK’s post-Brexit, post-pandemic future, and there is no better time to generate growth in the North. Further investment will lead to continued expansion, capitalising on the current innovation in the area.
It is important to consider the challenges that remain however, in order to achieve sustained investment. The pandemic has shown that every company must prioritise digitisation and innovation, but the country as a whole lacks the digital skills required in order to meet this demand. The latest ONS figures reflect a shortage in this respect, raising concerns of a skills crisis. It is clear a new approach to digital talent is needed – and fast.
To achieve this, a concerted effort is needed to bridge the digital skills gap and bring young talent into organisations, with Northern companies working together to amplify and shape the voice of the North.
A company’s most valuable asset
Every company has digital on their radar. The steady digitisation over the last two decades has rapidly accelerated in the last three years, as the pandemic pushed businesses of every size to reassess their technology strategies. Digital solutions are often the default option for consumers, and without meeting this demand, companies will struggle to survive the competition. A focus on digital technology will therefore be an essential part on the North’s strategy to attract investment, promoting the innovation taking place and keeping pace with the country’s – and the world’s – increasingly digital economy.
As companies implement digital strategies to stimulate growth, business and tech leaders are increasingly collaborating to ensure they are working together to meet business goals. However, reports show that strong digital talent is in short supply, which is a company’s most valuable asset. At the beginning of 2022, there were 34,000 unfilled technology jobs, which represented 30% of the workers in digital positions. The country’s digital skills gap is evident, exacerbated by the lack of comprehensive technology education. A dual approach will be best, bringing together the power and resources of both individual companies, and the government. While national bodies can look at expanding the educational offering for young people, each business should look to new ways to train and upskill their existing teams. A reassessment of the national curriculum will not suffice; a change in approach for the entire pipeline of talent will ensure the solution is not temporary.
Power in numbers
Although individual organisations can contribute their own meaningful ways to the attraction of investment, the best approach for sustained successful will be one that is collaborative. Let’s turn our attention to the success of the Northern Powerhouse Partnership, which reflects the possibilities that can be realised through collaboration, and is itself a source of inspiration for the Levelling Up agenda.
Already cited in the Levelling Up whitepaper as an example of a successful pan-region partnership, members include Barclays, Arcadis and Virgin Money, as well as many other SMEs. The businesses have demonstrated the value to be found in increasing the voice of the North as a collective and raising its profile.
Broader initiatives can also ensure new talent is diverse and accepted. Programmes that focus on bringing women into tech and diversity in the workplace have the potential to attract a wide range of young people and launch the careers of those who may not have previously believed a career in tech was for them, further tackling the digital skills gap.
There’s broader possibilities for collaboration beyond these organisation and initiatives. Working together can bring new opportunities for SMEs, expanding the market of customers to which they can promote their skillset. For example, companies are able to gain access to high-quality and well-trained talent through Grayce, which supports organisations as they work to embrace and forge their own digital future.
Debunking the London-centric myth
While an improvement to the training and resources young people can access will be an important part in tackling the country’s digital skills concern, specific additional measures will be required in order to attract this talent to the North. Available opportunities will not suffice – the opportunities must also be attractive. This is also a key concern of the Levelling Up agenda, aiming to redress the perception that the only area for a successful career and exciting opportunities is in the capital.
While this is far from the truth, actively promoting the range and quality of companies in the North is needed to change this perception. Alongside this, national and local investment in infrastructure, and the expansion of Northern Hubs, will work to improve the quality and range of options for fresh talent. Promotion of unexpected – or underpromoted – industry hubs, such as media, can then expand young people’s ideas of what is on offer.
A modern and forward-thinking mindset is also an important priority for businesses, if they are to address the concerns of young people. A new era of work has been brought about during the pandemic, and if the latest talent retention figures show us anything, it’s that employees will only accept what they deem to be both fair, and appealing. Flexible hours and a hybrid set-up are key components, and although this may challenge tradition, it seems this can have a real positive impact on the mental health and work-life balance of teams.
A collaborative effort
While much work remains in order to achieve the level of investment that the North deserves, a digital approach to the future will help bring in new opportunities. Prioritising both the current, and future, generations of digital talent will be essential to this process. What’s important to remember, is that companies must not work on this alone; a collective approach will reap far more success in the long term – for everyone involved.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.