IASB publishes IAS 24 exposure draft

News Article - 30 March 2010
Category: Business

The UK Commission for Employment and Skills (UKCES) recently released the first national strategic audit for skills in England. The report, labelled Skills for Jobs: Today and Tomorrow, emphasises the issues facing government, employers, public agencies and individuals in returning the UK economy to pre-crisis conditions and more efficiently exploiting emerging markets.

Major points raised include that over one in 10 of the current workforce in England has no formal qualifications, which must be addressed if the UK is to actively participate in competitive markets. The audit is supported by 25 sector-specific reports and 10 'cluster' reports, which go into more detail on how to stimulate growth by sector.

It is hoped the audit will develop support for the government's New Industry, New Jobs strategy, an active and all-encompassing industrial strategy designed to help British businesses compete in the post-recession global economy. The strategy is responsible for creating the Department for Business, Skills and Innovation, which aims to drive future economic growth.

The report highlights the importance of the manufacturing industry in defining the national economy and the major sub-sectors that will yield the most productive opportunities in the coming years. Low carbon technology, advanced composites, defence and security, space and plastic electronics, creative industries and digital technologies have been highlighted for growth.

The report did not mention up-skilling of current manufacturing workforces, nor transferring qualified labour from declining to emerging markets. These may be effective strategies over the coming years; the sector skills council Semta estimates that 70% of the employees that will be employed by the manufacturing industry in 2014 are already in employment.

Craig Such, director of Access' Emley office, where the Access Supply Chain solution is developed, considers the flow of diverse talent important to the success of the manufacturing industry.

'A skilled workforce with sector-specific abilities is one of the most effective ways a company can increase operational efficiency,' said Craig. 'Companies should ensure adequate investment is made to recruit the most appropriate employees for the job.'

Access provides an integrated business software solution for manufacturing companies looking to increase the standard of their appointments. With the ability to sort applications by several metrics, including salary expectations, organisations can ensure successful applicants arrive with the skill set and experience needed to drive business growth.

For more information, please call Access on 0845 345 3300.

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