Investing in skills and training is vital to the success of a company, according to one expert.
Martyn Sloman, leading and development advisor at the Chartered Institute of Personnel and Development, believes the move to a more "knowledge driven" economy means that firms are increasingly reliant on the abilities of their employees.
He said: "An investment in relevant knowledge and skills for staff is essential."
The fact that the world's economy is increasingly globalised will mean that companies find themselves competing with businesses based across the planet and this is another reason why developing skills is important, he added.
A recent study by Deloitte found that 39 per cent of businesses say they support innovation through their corporate culture.
It also found 31 per cent of firms believe the main barrier to business growth is a shortage of talented staff members, while 27 per cent stated their single greatest expenditure in the next year will be training and recruitment. 
