Search Our Site

We have 2,945,670 registered online learners.
9 new learners so far today.

SMEs lack training opportunities

schedule 2 years, 7 months, 2 weeks, 1 day ago by Virtual College in Virtual College

New research has revealed that four in ten small and medium-sized businesses (SMEs) have experienced an employee leaving to go to a larger company that offers more training opportunities. This costs the business, on average, £3,340 - significantly more than the cost of providing training.

The study, conducted by the Association of Accounting Technicians (AAT), also found that 15 per cent of SMEs don't spend any money on training, while 26 per cent only spend money on training ad hoc, rather than having a specific training budget.

On average, those with a budget for training dedicate £1,739 each year, with this sum dropping to £603 a year for micro businesses.

The AAT's research also showed that more than a third of employees (36 per cent) recruited in finance roles in SMEs don't hold the relevant qualifications.

This is more likely to lead to issues surrounding unpaid invoices and tax miscalculations, which, on average, cause a loss of £1,277 to every SME in the UK - equating to £2.9 billion across the economy.

Mark Farrar, chief executive of the AAT, said: "Cost is perceived as a barrier to business owners when it comes to finance and accounting qualifications, but it shouldn't have to be. Qualifications can be very flexible and cost-effective, meaning that support for small businesses is more accessible than people might think.

"Having qualified staff reduces the chances of losing money through issues like late payment fines and incorrect invoices, making the business as profitable as possible."

The AAT urges more SMEs to consider qualifications for their accounting and finance staff.

Virtual College provides a range of online tools that specialise in the business and enterprise division to help workers maintain and develop their skills. For more information, please visit: http://www.virtual-college.co.uk/e-academies/Businesses.aspx

Virtual College logo

Author: Virtual College

The latest training news brought to you by Virtual College.

CPD
Investors
ISO 9001:2015
Microsoft
Crown Commercial Service Supplier

Contact

+44 (0)1943 605 976

info@virtual-college.co.uk

Marsel House

Ilkley, West Yorkshire

LS29 8DD

Awards for footer
Gold and silver award winners at the Learning Technologies Awards 2017 - including gold for excellence in the design of learning content.
Live Chat

Click to chat

Login

We launched a new website in February 2017. If you want to go back to a course, or start a course, bought before this date then you may need to login to our original learning management system. Otherwise, please proceed to our new learning management system to return to your training.

LMS

You are already logged in. Click the button below to be taken to your LMS dashboard. Alternatively, click logout to leave the system.