Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Advertising and Sponsorship
    • Profile & Readership
    • Contact Us
    • Latest News
    • Privacy & Cookies Policies
    • Terms of Use
    • Advertising Terms
    • Issue 81
    • Issue 80
    • Issue 79
    • Issue 78
    • Issue 77
    • Issue 76
    • Issue 75
    • Issue 74
    • Issue 73
    • Issue 72
    • Issue 71
    • Issue 70
    • View All
    • About the Awards
    • Awards Timetable
    • Awards Winners
    • Submit Nominations
    • Testimonials
    • Media Room
    • FAQ
    • Asset Management Awards
    • Brand of the Year Awards
    • Business Awards
    • Cash Management Banking Awards
    • Banking Technology Awards
    • CEO Awards
    • Customer Service Awards
    • CSR Awards
    • Deal of the Year Awards
    • Corporate Governance Awards
    • Corporate Banking Awards
    • Digital Transformation Awards
    • Fintech Awards
    • Education & Training Awards
    • ESG & Sustainability Awards
    • ESG Awards
    • Forex Banking Awards
    • Innovation Awards
    • Insurance & Takaful Awards
    • Investment Banking Awards
    • Investor Relations Awards
    • Leadership Awards
    • Islamic Banking Awards
    • Real Estate Awards
    • Project Finance Awards
    • Process & Product Awards
    • Telecommunication Awards
    • HR & Recruitment Awards
    • Trade Finance Awards
    • The Next 100 Global Awards
    • Wealth Management Awards
    • Travel Awards
    • Years of Excellence Awards
    • Publishing Principles
    • Ownership & Funding
    • Corrections Policy
    • Editorial Code of Ethics
    • Diversity & Inclusion Policy
    • Fact Checking Policy
    Original content: Global Banking and Finance Review - https://www.globalbankingandfinance.com

    A global financial intelligence and recognition platform delivering authoritative insights, data-driven analysis, and institutional benchmarking across Banking, Capital Markets, Investment, Technology, and Financial Infrastructure.

    Copyright © 2010-2026 - All Rights Reserved. | Sitemap | Tags

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    1. Home
    2. >Business
    3. >Double threat of COVID-19 and Brexit fails to encourage UK workers to upskill
    Business

    Double Threat of COVID-19 and Brexit Fails to Encourage UK Workers to Upskill

    Published by linker 5

    Posted on December 17, 2020

    3 min read

    Last updated: January 21, 2026

    Add as preferred source on Google
    theme (55)
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    • 66% of UK SME employees have not undertaken skills training or professional development since the start of the year.
    • 65% of UK SMEs have identified skills gaps in their organisation as a result of the COVID-19 pandemic.
    • Over 90% of these SMEs said that skills gaps are significant enough to hamper their organisation’s future growth and success.

    Over two thirds (66%) of UK employees say they have had no training or professional development since January 2020, despite the COVID-19 pandemic forcing many companies to change how they do business.

    New research by The Chartered Institute of Management Accountants (CIMA), the world’s largest body of management accountants, reveals that the COVID-19 pandemic has worsened the UK’s employability skills gap enough to potentially hinder the country’s long-term recovery and ability to compete on the world stage. The situation could be made worse with the end of the Brexit transition period as employers lose access to the EU-wide talent pool, disrupting both supply of and demand for talent across the country.

    According to CIMA’s annual Mind the Skills Gap report, two thirds of (65%) of UK small and medium businesses (SMEs) said that the COVID-19 pandemic has highlighted skills gaps within their organisation. Among this group, nearly 95% believe that these skills gaps are significant enough to hamper their organisation’s future growth and success. The most common gaps relate to digital skills (42%) such as e-commerce, coding, data analytics, cybersecurity, and cloud computing, health and safety (37%), and people management and leadership skills (33%).

    Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting, commented:

    “To be successful in both the post-Brexit and COVID-19 world, the UK must change its attitudes to workplace learning or risk being left behind.

    “Results from our 2020 Mind the Skills Gap research show a clear mismatch between the skills employers say they need, and the amount of skills training employees say they have had. This time however, under the current economic circumstances, the stakes are higher for business.

    “If we are to meet the future skills challenge needed for a post-Brexit Britain and equip our workforce with the skills they to thrive in the future world of work, we need to better support all workers to reskill and help them and businesses adapt to be being both resilient and competitive.”

    Interestingly, 67% of UK SMEs said they have accelerated their organisation’s digital transformation as a direct result of COVID-19. Within this group, nearly 8 in 10 (78%) believe that their current workforce has the right skills to support their organisation’s digital transformation journey. Yet, 78% of these same SMEs also identified significant skills gap in their organisation due to COVID-19, which could impact their ability to sustain organisational success and long-term growth.

    Despite the rapidly changing nature of business and ways of working, UK SME employees are not adapting their skillsets fast enough. Less than a fifth (16%) of SME employees are currently undertaking skills training or professional development, and only 18% expect to undertake training in the next 12 months.

    Amongst those SME employees currently undertaking skills training, or planning to in the next 12 months, technical skills specific to their job, (46%), people management and leadership skills (34%), and health and safety (33%) are being prioritised. Digital skills, currently the most common skills gap for employers, are seen as vital by only 25% of SME employees.

    More from Business

    Explore more articles in the Business category

    Image for Independent Community Retailer of the Year (Locally Owned & Community-Focused) 2026: Nominations Open
    Independent Community Retailer of the Year (Locally Owned & Community-Focused) 2026: Nominations Open
    Image for Submit Your Nominations for Exporter of the Year (Non-Financial) 2026
    Submit Your Nominations for Exporter of the Year (Non-Financial) 2026
    Image for Apply Now: Work-Life Balance Program (Employee Wellbeing & Flexibility) 2026
    Apply Now: Work-Life Balance Program (Employee Wellbeing & Flexibility) 2026
    Image for Calling Entries: Best Workforce Engagement Program (Internal Engagement & Participation) 2026
    Calling Entries: Best Workforce Engagement Program (Internal Engagement & Participation) 2026
    Image for Submit Your Entry Today: Best Sustainability Advisory Firm (Non-Financial / Advisory-Only) 2026
    Submit Your Entry Today: Best Sustainability Advisory Firm (Non-Financial / Advisory-Only) 2026
    Image for Apply Now: Social Media Engagement (Non-Banking / Non-Financial Institutions) 2026
    Apply Now: Social Media Engagement (Non-Banking / Non-Financial Institutions) 2026
    Image for Nominations Open for Best Project Management Consultancy 2026
    Nominations Open for Best Project Management Consultancy 2026
    Image for Best Place to Work 2026 – Recognising Excellence in Workplace Culture
    Best Place to Work 2026 – Recognising Excellence in Workplace Culture
    Image for Best Payroll Solutions Provider 2026 – Call for Nominations
    Best Payroll Solutions Provider 2026 – Call for Nominations
    Image for Nominations Open: Best Licensing & Business Registration Company 2026
    Nominations Open: Best Licensing & Business Registration Company 2026
    Image for Apply Today for Best Customer Service 2026
    Apply Today for Best Customer Service 2026
    Image for Calling Entries: Best Creative Brick-and-Mortar Retailer of the Year (Physical Retail Experience) 2026
    Calling Entries: Best Creative Brick-and-Mortar Retailer of the Year (Physical Retail Experience) 2026
    View All Business Posts
    Previous Business PostIf Your Business Buys or Sells Online, Here’s What You Need to Know
    Next Business PostKnowledge Management Will Finally Find Its Place Among Business-Critical Business Functions in 2021