The study highlights the clear benefits of WorldSkills UK’s efforts. It shows how our programmes not only benefit taxpayers but also contribute to the overall economy.
The benefits to the taxpayer stem from four main sources:
- Elevated teaching standards in further education and technical skills training, facilitated by the Centre of Excellence, enhance learners’ cognitive skills and educational achievements, reducing the likelihood of them being not in education, employment, or training (NEET) and increasing their lifetime earnings.
- Skills competitions participants receive training in a competitive environment, leading to improved labour market performance and increased lifetime earnings
- Knowledge-sharing among participants inspires peers, resulting in improved performance and earnings for others
- Better career advice and information about prospects improve educational and job matching outcomes, reducing dropout rates and enhancing employability and earnings over individuals’ lifetimes
Moreover, WorldSkills UK’s efforts bring about further unmeasured advantages, such as:
- Closing skills gaps: Addressing skills gaps in the UK, particularly in occupations with significant shortages
- Enhanced productivity: Accelerated development in which young people achieve greater technical excellence, directly impacting on an organisation’s productivity leading to increased tax revenues, improved competitiveness, and GDP growth
- Teacher retention: Potentially reducing teacher turnover and recruitment costs for FE colleges through training and development offered by the Centre of Excellence
- International profile: WorldSkills UK’s membership in the WorldSkills network enhances the profile of UK skills, potentially boosting exports and attracting
- Research and insights: Promoting global excellence in skills through research, sharing best practices, exploring trends, and benchmarking against other countries investment.
WorldSkills UK is dedicated to developing skills and promoting excellence, helping individuals succeed in today’s rapidly changing world. With its ability to deliver high returns on investment and create positive impacts, the organisation has a key role in the UK’s future success.
Ben Blackledge, CEO, WorldSkills UK said: “We see first hand the significant value our work has on young people, on educators and on employers. But it is brilliant to see how this also translates into incredible value for money for our funders. To have this independent study conducted by Frontier Economics, which confirms the strong economic benefits stemming from WorldSkills UK activities, is fantastic. The study’s findings that taxpayers receive approximately £3.50 for every pound invested speaks volumes about the significant value our programmes offer.
“Our work in raising standards through international benchmarking and embedding world-class training standards across the UK is enabling young people to develop the higher-level technical skills employers need to boost productivity, and our cities and regions need to attract inward investment. By working with our partners across education and industry, we will continue to inspire more young people to pursue rewarding careers through high quality apprenticeships and technical education.”
WorldSkills UK is dedicated to developing skills and promoting excellence, helping individuals succeed in today’s rapidly changing world. With its ability to deliver high returns on investment and create positive impacts, the organisation has a key role in the UK’s future success.
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