In order to help pull the UK out of the recession companies need to invest in more management training, it has been stated.
The Chartered Management Institute (CMI) claims that although many firms are of the opinion that "developing competence is expensive, they should consider the cost of incompetence".
This is because they need to be well placed to get back on their feet when the economy does start to recover.
Ruth Spellman OBE, the CMI's chief executive, said: "Quite clearly, government and employers need to think about how skills training can be accommodated because this thirst for knowledge and professionalism can only be good for UK GDP."
However, she did note that firms are beginning to give signs that they wish to address the situation.
This comes as a CBI and Nord Anglia report recently revealed that 51 per cent of employers want to target their training more effectively.
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