A group of major employers, led by McDonald’s, has called for measures to formally recognise and promote soft skills such as communication and teamwork.
In their report, The Value of Soft Skills to the Economy, they estimate that the value of soft skills to the UK economy is around £88 billion, and that this could grow to more than £127 billion by 2025.
The group also cites a new report from Development Economics, which claims that employees who better demonstrate skills such as teamwork and time management could boost their lifetime earnings by as much as 15 per cent.
The call for action follows a three month cross-industry consultation, which took input from organisations including the CBI, the National Youth Agency, Pearson and National Grid, and was backed by entrepreneur James Caan.
This publication is part of an ongoing campaign by McDonald’s UK to measure the impact of soft skills on businesses, and stress their importance to the government and employers.
The report found that many young people do not understand what they need to be work-ready, or how to progress their careers.
The coalition of businesses has recommended the creation of a formal soft skills framework for schools, employers and employees.
The framework would enable employers and individuals to benchmark and develop their soft skills throughout their education and career.
The group’s further recommendations include greater emphasis on soft skills in the school curriculum; improving mentoring and volunteering programmes; and encouraging Government to recognise the importance of soft skills in its policies.
Richard Forte, chief operating office for McDonald’s UK and Northern Europe, added: “Establishing this working group is the start of this journey but this isn’t a challenge that can be undertaken by businesses alone – the education sector, voluntary and youth groups must come together with industry to realise the potential of the hard value of soft skills.”