How do you place a value on soft skills? Skills like communication and initiative? A new report and campaign claims to have done just that.

Soft skills, including those mentioned above but also incorporating team working and interaction with others, are said to be worth £88bn to the UK economy.

Research commissioned by a consortium of organisations and backed by McDonalds is now being used as a starting point from which to challenge the idea that a soft skill is a ‘woolly’ concept.

It is working with partners such as Barclays and the CBI to place these skills higher up the agenda and remind employers that these types of skills are vital.

The economic impact is based on factors such as increased workplace productivity, as well as looking at what would be lost if there were a soft skills deficit.

Negative factors associated with the loss of soft skills include increased operating costs, problems meeting quality standards, delays in introducing new products and losing business to competitors.

Tim Rodwell, Triplar MD, said: “We’ve felt for some time that soft skills are hugely valuable, and we know they are one of the key differentiators for businesses in our sector.

“We actively look for staff who possess these skills, but because their importance is not always recognised it can be hard to undertake specific training within these areas that is sector-specific. My hope is that this campaign changes that.”

The campaign is launching a three-month consultation and will publish recommendations later in the year.

You can view the full report here.