The budget last week saw Chancellor Jeremy Hunt introduce initiatives in order to help the current talent pool.
Older workers and those with children were particularly under the Chancellor’s considerations, with measures introduced to make it easier for companies to take advantage of these skilled workers.
Response to the budget has been mixed with the Chancellor receiving praise from some for his initiatives towards helping people back to work, but this has been qualified by questions as to the effectiveness of the measures and how they may impact on the overall economic picture currently faced by UK plc.
Among The HR World’s Editorial Advisory Board, Lisa Haggar wondered whether the childcare initiatives would have sufficient impact on the talent pool given the UK’s high childcare costs. She also questioned whether it was right to look at recently retired workers as a way to address workforce shortages.
Dr Naeema Pasha also picked up on the move to bring older skilled people back into the workplace. “The government announced the new ‘Returnerships Apprenticeship’ targeted at the over 50s will refine existing skills programmes to make them more accessible to older workers, giving them the skills and support they need to find a recognisable path back into work,” she noted.
Pasha went on to say she thought HR professionals would acknowledge such initiatives were needed to help older workers develop the skills they need to find work in a rapidly changing job market. “This investment in skills development is essential as many older workers, especially those who have been out of the job market, may not have had the opportunity to learn new skills or keep up with the latest technological advances that workplaces increasingly expect,” said Dr Pasha, “and this budget announcement showed at least to some extent that the government has committed to investing in skills – as it also includes the continued support of apprenticeships and the Lifetime Skills Guarantee, as a way to grow the economy.”
That said, Dr Pasha didn’t feel the reforms went far enough to support reskilling and upskilling, especially to support the intention to grow AI adoption and growth in all workplaces. “More funding and targeted investment is needed to develop these skills to enable growth in an inclusive and progressive economy – especially as growth is the Chancellor’s main goal,” she said.
Finally, Sue Turner, Founding Director, AI Governance Limited, highlighted the budget’s focus on technology and AI. There was a £900 million investment to build an exascale computer, a £1 million annual prize for researchers making advances in critical areas of AI and a push to help the UK keep up with the US and China in creating foundation models like ChatGPT.
However, Turner noted that these initiatives alone were not going to impact on businesses or daily life. “What we really need is investment in AI skills in the workplace and there was no new money for this.”
Turner also had a message for HR leaders fantasising about donning VR headsets and moving all their training to the Metaverse. The need for regulation alongside innovation has been made clear. “There’s a new push to get to grips with the regulation of AI and new technology like Web 3,”she said. “Knowing how regulation lags behind tech advances, when you’re considering tech solutions to HR problems, be sure to keep a close eye on how regulations are changing – and take a strong ethical stance from the outset – so you don’t get caught out depending on processes that are later outlawed.”
