Pilot schemes in the West Midlands have shown a five-fold payback on the skills investment they received.
Nottingham-based firm Jackson Keay, which launched manufacturing qualifications and leadership NVQs, reported employee attendance up from 67% to 96% while turnover had increased from £2.3 million in 2006 to £3.5 million in 2007. Staff at the company, which supplies gas cylinders and pressurised containers, were rewarded with a 5% pay rise in 2007 and 7.5% this year.
Skills secretary John Denham said: "This Government, in partnership with Semta, will go further to make sure companies get the training they need, when they need it. We'll not just recruit the brightest and best, but ensure those already in employment have every opportunity t0 develop their potential."
Government's investment in skills has seen 'significant returns'
Skills council Semta has reported that 65 million from the Department for Innovation Universities and Skills has allowed employees to increase their skills and has supported government targets to improve qualification levels.
