Is the recession an opportunity to make up lost ground in the global economy?
That's the recommendation at least from a new report published today by the UK Commission for Employment and Skills. The report is titled Ambition 2020: Word Class Skills and Jobs for the UK and it paints a worrying picture of our global competitiveness, with few metrics currently coming inside the top 8, a position a country of our wealth should demand as a minimum.
Internationally, the UK in 2006 (the latest international data available) ranked 17th in the world on low-level skills, 18th on intermediate skills and 12th on high level skills. Worryingly the report found that without action these standings will fall still further when we emerge from the recession. To get into the top 8 will require a big effort with around 50% of all working adults gaining a professional certification by 2020.
The heartening thing is that gaining professional certification is great for your career (and earnings). We did some research last year into the extra money you can earn across your career if you gain professional certification. It found that holding professional accreditation earns approximately £80,000 extra over the course of an individuals career. Not a bad investment there, and with the global marketplace becoming ever more competitive it seems a matter of opportunity cost as much as anything. Standing still simply isn't an option, either for individuals or companies.
It would be good to hear from you as always. Have you studied for a new qualification recently? Has it helped your career?
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Well its the old mantra that investing in a recession helps you come out of it. Easier to preach than practice though.
"Worryingly the report found that without action these standings will fall still further when we emerge from the recession"
A frightening possibility indeed - that the UK, once of the worlds leading economies will actualy have a relatively average level of development.
I just don't think that our UK businesses have the resources to be able to 'make up for lost ground' in such a fashion. At the moment we seem to just be responding to every blow the economy delivers, and we're not able to step back and look at the big picture.
'We did some research last year into the extra money you can earn across your career if you gain professional certification. It found that holding professional accreditation earns approximately £80,000 extra over the course of an individuals career. Not a bad investment there, and with the global marketplace becoming ever more competitive it seems a matter of opportunity cost as much as anything.'
Interesting point but if the aimed for 50% of working adults gained professional certification you can be sure that that figure would nosedive significantly since the higher paid jobs of Doctors, Accountants, Solicitor etc would be joined by the average job holder.
Or am I missing something?
To get into the top 8 would need 50% of working adults accredited. A lot of this would be, presumably, down to NVQ style work to have any chance of success? Even then it is a pretty tall order - it isn't in the UK culture at the moment.
I don't think its a zero sum game Ray. We're competing in a global market place now so it's not a case of UK PLC having a certain sized pie to be divided up amongst the working population. That pie will increase in size providing we improve our skills and become more competitive against other nations.
That may well be true Adi but it is still ikely to be the professional jobs that will reap these higher salaries. Surely you aren't suggesting that 50% of our people could reach these roles - internationally or UK wise?
I agree that improving our skills to remain competitive is a must - does that necessarily mean having to have professional certification though?
Of course the need for professional certification will provide more jobs for people carrying out the assessments :-)
"I agree that improving our skills to remain competitive is a must - does that necessarily mean having to have professional certification though?"
Sure, why not? Most professions now have certification to prove competence. It doesn't have to be just doctors and lawyers. There's a difference between 50% of the population having degrees and 50% having a qualification to prove they know their stuff.
Do Doctors, Solicitors and Accountants etc have mandatory competence assessments on a regular basis or can they rely on self certifying CPD?
A financial adviser or a manager of a financial adviser has to demonstrate competence on a regular basis through formal assessments as well as evidencing their CPD but isn't classed as 'professional'.
I understand that it would be great that 50% were accredited as knowing their stuff. That would, however, bring the average additional career earnings of those accredited down significantly below the extra £80k.