Santander Bank in the UK has urged the government to prioritize leadership, digital and sustainability skills in its new National Skills Plan to address the UK’s productivity crisis and prepare the workforce of the future.
In a newly published report entitled Tomorrow’s Skills, Santander highlights three key societal shifts – changing attitudes at work, the rise of artificial intelligence, and the move to net zero – that will impact the British workforce. The report calls for increased investment in training and improving skills to address these challenges.
The report reveals that UK workers are spending 20% less time on training than they did a decade ago, despite more than half admitting they need to improve skills to stay relevant in their roles. Barriers such as lack of time, costs, and lack of flexibility prevent workers from accessing training, contributing to stagnant productivity levels in the country. Furthermore, 69% of workers expect to stay in the same field for their entire career, and 72% believe their job will still be around in 10 years – indicating a lack of awareness of the potential impact of emerging technologies and societal changes.
Mike Regnier, CEO of Santander UK, stressed the importance of education and skills development, saying: “The UK cannot afford to fall behind in this vital area if we want our economy to grow and remain competitive.” He called on the government to focus its skills strategy on addressing three key areas:
Change attitudes To work:
The rise of hybrid working has created new challenges for managers and leaders, with generational differences in attitudes towards remote working. While 65% of 25-34 year olds see hybrid working positively for the UK economy, only 27% of 55 to 64 year olds share this view.
The rise of artificial intelligence:
As AI continues to transform industries, 63% of workers recognize the need for training about new technologies, while 47% of young workers worry that AI may replace their jobs. Improving skills in artificial intelligence and digital technologies is seen as essential to increasing productivity and securing future jobs.
Moving to net zero:
As the UK moves towards 2050 emissions targets, 58% of workers believe they will need new skills to adapt to their roles in a greener economy. The report highlights the importance of equipping workers with sustainability skills to support the net-zero transition.
In response to these challenges, Santander has launched a new adult education program in partnership with xUnlocked, Fearless Adventures and House 337. Available on Santander Open Academy, the program offers free video training in green, digital and leadership skills. For people over the age of 18. The goal is to help individuals and businesses prepare for the future by developing the skills needed to succeed in a rapidly changing economy.
The Rest is Money host and business journalist Steph McGovern added her support for lifelong learning, saying: “As the needs of the economy change, our attitude to learning must also change. We must think of education as lifelong. We all need to adapt, But workers can’t do it alone.
Santander’s new initiative, alongside its call for government action, underscores the urgent need to address the UK’s skills crisis. As the economy evolves, Santander’s focus on developing core skills in leadership, digital technologies and sustainability will be key to driving future productivity and ensuring the UK remains competitive on the global stage.