Forget the productivity 'puzzle'... Britain faces a productivity crisis.
National and firm-level productivity in the UK has worried policy makers and business leaders for decades. But now flat growth, a debt overhang from the 2008 crisis, and post-Brexit political and economic uncertainty threaten long-term depression. Productivity-led growth in output and wages is the only way out. Skills are a key driver. Yet training budgets are being cut and investment in novel training technologies has been half-hearted over the long-term.
To achieve the required step-change in the productivity of our workforce we must harness technology to personalise training and optimise skills. Award winning EdTech startup Filtered is building the answer with London Economics, supported by the UK’s innovation agency, Innovate UK.
Filtered is building a data-driven online platform to diagnose skills gaps, make development recommendations, and coach learners along personalised development paths. The project combines:
- the development of algorithms to make high impact, data-driven recommendations to close skills gaps with
- economic research on the relationship between skills gaps and organisational productivity, conducted by London Economics, a leading specialist economics consultancy with expertise in labour markets and education sectors.
These research components support two key links in the productivity value chain: between productivity and skills; and between skills requirements and training.
About Innovate UK
Innovate UK is the UK's innovation agency. It works with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy.
For further information visit www.innovateuk.gov.uk
About London Economics
London Economics is one of Europe's leading specialist policy and economics consultancies.
London Economics advises clients in both the public and private sectors on economic and financial analysis, policy development and evaluation, business strategy, and regulatory and competition policy. The London Economics Labour Markets team has extensive experience in the labour markets arena, having undertaken many high profile projects ranging from the evaluation of policy interventions (such as the London Living Wage) to the analysis of labour market outcomes achieved by individuals in possession of different qualifications. Clients include central government Departments and Non-Departmental Public Bodies, the European Parliament, European Commission and the OECD.
For further information visit www.londoneconomics.co.uk