Page 24 - Regional Employment & Skills Plan

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The sectors within the economy that can be deemed as aspirational are high value and high growth sectors and are an important source of investment and GVA growth. The employment within these sectors typically require higher skills levels with a greater number employed in the higher occupational groupings, wages also tend to be higher to reflect the demand for skilled individuals and a greater number are in full time employment.
The nature of many sectors within the aspirational economy will mean that there is a significant need for higher level skills which will increase the pressure and requirements on the skills infrastructure to deliver the required level skills. ‘Alongside a demand for more graduates there will be demand for a greater number of workers with higher – but not necessarily degree level – qualifications.’44
The development of personnel remains at the forefront of the development of businesses with ‘92% of UK CEOs highlighted the people agenda as their top priority’45 Evidence suggests that there is a continued potential for growth with ‘66% of UK CEOs expect to see their headcount increase’46 which in turn has significant impacts on the skills and abilities required to compete in the global skills market. This need for a positive skills and development environment is reflected in the analysis of PWC’s CEO Survey ‘What’s needed now is a focus on training and creating a positive environment for personal and professional development to try and close the skills gap’47.
It is important to highlight however that ‘new’ labour supply alone will not be the only supply to the labour market as there remains a significant number of individuals who require up-skilling to a higher level. ‘While this indicates a shift towards a more highly skilled – and in particular, graduate-based – labour force, even by 2020, the majority of the working age population (53%) will still hold zero, low or mid-level qualifications.’48
The Swansea Bay City Region Board places a strong emphasis on the economic development opportunities which will be provided by the digitally connected infrastructure. These are identified within the themes of the Swansea Bay City Region city deal proposal; ‘The Internet Coast’.
There is an important requirement to ensure that an equal opportunities approach is taken with regards to access to higher education provision for those with a less advantaged socio-economic background, this was highlighted by research undertaken by WISERD into access to higher education. ‘Young people from more advantaged socio-economic backgrounds are much more likely to participate in higher education than less advantaged peers’49. The research also highlighted that although a social disadvantage is a barrier to entry into higher education it is not a barrier to attainment. ‘Higher education students from socially disadvantaged backgrounds are equally likely to attain a ‘good degree’ as those from more advantaged backgrounds’50
44 Supply and demand for higher level skills – Universities UK - 2015 45 PWC CEO Survey 2016 – PWC - 2016
46 PWC CEO Survey 2016 – PWC - 2016
47 PWC CEO Survey 2016 – PWC - 2016
48 Supply and demand for higher level skills – Universities UK - 2015 49 Access to Higher Education –WISERD - 2015
50 Access to Higher Education – WISERD- 2015
Regional Employment & Skills Plan South West & Mid Wales Aspirational Economy