FURTHER Education colleges contribute an average of £550m to the local economy and play a central role in delivering the skills that employers need.
These findings, from a study commissioned by the 157 group — a consortium of 30 of the UK’s largest FE colleges — reveal the extent to which further education colleges have a positive economic impact on the regions in which they operate.
The study found that collectively its members, drawn from influential colleges across the UK, including Belfast Metropolitan College, have a £16.5bn impact on the UK economy.
The 157 Group provides a clear focus on policy influence, practice improvement and thought leadership. Attending the launch of the Group’s Impact Review and Employer Voices in Westminster principal and chief executive of Belfast Metropolitan College, Marie-Therese McGivern, said: “These figures credibly quantify the impact that our college and the people who chose to study with us have on our local economy.
“Every year Belfast Met educates and trains over 30,000 people and by doing so, we support our learners into employment, better employment or a route towards employment, to the benefit of the region both socially and economically.”
In addition to the impact on the regional economy the study shows the investment benefits to learners, society and taxpayers based on a sample of 157 Group colleges. On average learners receive an 11.2% return on their investment in terms of higher future earnings. Society receives a 12.3% return on investment in terms of expanded tax base and reduced social cost and the tax-payer receives a 12.3% return on investment in terms of returns to the exchequer.
When introducing the 157 Group’s publication John Cridland, director general, Confederation of British Industry (CBI) highlighted the crucial role that FE colleges undertake in skilling the current and future workforce: “One of the greatest challenges we face as a nation is to increase the skills of our workforce in ways that help employers drive up productivity, win new markets and compete against the best in the world. Further education colleges play a central role in delivering the skills that employers need.”
Meanwhile, the Employment and Learning Minister Stephen Farry has urged employers in the North West to take advantage of his Department’s Skills Solutions Service to help meet the training needs of their businesses.
Speaking during a visit to Seagate Technology and Hunter Apparel Solutions in Londonderry the minister said: “My department’s Skills Solutions Service will help employers understand and access the training provision which is available and is crucial to growing the skills which modern business needs.
“Skills Solutions advisers are available to meet with any employer on a one to one basis anywhere in Northern Ireland. I want to take this opportunity therefore to encourage employers to contact my department and find out what support, both financial and non financial, is available to help them develop their workforce skills.”