Reporting on the latest quarterly report from the EY ITEM Club, the CIPD forecasts that “unemployment will drop below 7 per cent in the first half of 2014, however, labour market growth is unlikely to alleviate demand for skilled people”.
Construction, high tech, professional and scientific industries in particular are experiencing high demand for skilled labour and a shortage of talent. To address this, some organisations are establishing partnerships with universities and colleges to secure a pipeline of work- ready candidates, with skills that are specific to their industry or even their company.
One way of companies establishing a partnership is through a Knowledge Transfer Partnership (KTP). A KTP is a relationship formed between a company and an academic institution (‘Knowledge Base’ partner), which facilitates the transfer of knowledge, technology and skills to which the company partner currently has no access.
Each partnership employs one or more recently qualified people (known as an Associate) to work in a company on a project of strategic importance to the business, whilst also being supervised by the Knowledge Base Partner. Projects vary in length between 12 and 36 months. The Associates are typically either postgraduate researchers, university graduates, or individuals qualified to at least NVQ (Level 4) or equivalent.
The benefits to companies are clear, and there are many benefits to the individual as well according to the Technology Strategy Board. KTPs can help enhance career prospects by providing the opportunity to manage a challenging project central to a company’s strategic development and long-term growth. According to their figures, recently qualified people benefit from:
- A competitive salary
- A fully funded professional management qualification
- The opportunity to make an impact on a business from day-one
- 75% are offered employment by host company
For more information, see Knowledge Transfer Partnerships.