A basic skills shortage could put businesses in Wales at risk after an international study showed schools here are falling behind other countries.
The Pisa international education rankings show Wales – where Simply Factoring Brokers is based – has slipped three places to 43rd out of 65 since 2010. Wales also fell further behind the rest of the UK in science, maths and reading and has now fallen each time since the first set of test results was released in 2007.
The latest ranking is bad news for businesses in Wales looking to compete on a global scale, as the children tested are the potential workforce of the future. With Wales’ education minister Huw Lewis admitting the results were disappointing, business leaders say that basic skills are a real concern for firms and that many businesses are already having to invest in extra training to make sure recruits can read and write adequately and even carry out fundamental tasks like answering the phone.
Businesses in Wales already face a number of challenges, including lack of infrastructure, a decline in heavy industry and the ongoing impact of the recession. Another growing cause for concern is cash flow, especially as the number of late payments by clients is higher than the national average. ICAEW’s Enterprise 2012 found that one third of businesses in Wales are experiencing late payments, compared to one quarter across the UK. In addition, whilst the effect of bank charges was found to have eased on the whole across the UK, in Wales the impact has worsened for one third of businesses.
Simply Factoring Brokers can offer a number of solutions to help your business through tough times. We might not be able to improve Wales’ ranking in the next Pisa findings, but we can improve your business’s cash flow when it goes through a bumpy patch through no fault of your own. Invoice factoring can help your company in several ways, such as investment, expansion, finance deals for firms with adverse credit and those dealing with late payers.
To find out more, call our friendly staff on 0333 772 1558 to see how we can help.