North East businesses are leading the UK in creating opportunities for young people, according to new research. The latest Lloyds Business Barometer shows regional firms are making a strong and sustained commitment to investing in young workers, with 70% recruiting early careers talent in the past year.
Highest Recruitment Rate in the UK
The figure is the highest of any UK region, ahead of Scotland on 66% and the North West on 60%, and substantially higher than the national average of 52%.
Meanwhile, 93% of North East companies that hired early careers talent in the past 12 months expect to recruit more over the next year. More than half (52%) of those that did not recruit early careers talent in the last year say they would do so if they felt able.
Barriers and Confidence in Skills Investment
Nearly two fifths (38%) cited greater certainty over Government funding as a primary catalyst for recruitment, followed by more relevant local training provision (36%), stronger links with education providers (35%) and better information on available support (33%).
Almost a quarter (24%) pointed to access to finance to manage upfront recruitment and training costs. The confidence extended to wider investment in skills, with more than three quarters of North East businesses (76%) confident they can secure the funding needed to invest in training, apprenticeships or new hires over the next one to three years.
Business Leaders Call for Closer Collaboration
Martyn Kendrick, regional director for the North East at Lloyds, said: “North East businesses clearly have an appetite to grow and invest in the next generation of talent, and it is particularly encouraging that the region leads the UK for early careers recruitment.
“What comes through strongly is that the willingness to invest is there and the bigger challenge is making sure businesses can find the people with the skills they need.
“Bringing businesses, education and training providers closer together will be key to closing that gap, helping more young people into work and giving North East firms access to the talent they need to grow.”
Amanda Murphy, CEO for Lloyds Business and Commercial Banking, added: “Businesses are not simply hiring for today, they are investing in the people who will shape their future. The strength of employers’ appetite for early careers talent is encouraging, but ambition needs to be matched by better access to candidates, clearer routes into training and the confidence to keep investing.
“Technology will continue to transform how businesses operate, and the findings are a powerful reminder that customer facing skills still matter. The ability to understand customers, build trust and manage relationships will help set the best businesses apart.
“Closing the gap between ambition and action will be a joint effort between businesses, government, communities and education providers. By helping businesses find the right people and develop the skills they need, we can build a stronger pipeline of talent and support growth across the UK.”
