A significant lack of management and leadership skills has been revealed as one of the leading causes of financial loss suffered by businesses in the UK.

According to the Chartered Management Institute (CMI), the cost of poor leadership amounts to more than £6 billion a year for UK businesses.

In addition, managers without recognised qualifications are also being paid less than they should be earning, with poor training being given as the reason.

In a bid to address the problem, Coventry University is teaming up with the CMI to offer brand new dual awards in management practice this September.

Students who successfully complete the nine sessions over a nine-month period will be awarded a post-graduate certificate from the university as well as a diploma in leadership and management from the CMI.

The CMI research is backed up by business development specialists SFL, who say that business leaders need to raise their game as economic uncertainty and soaring living costs play on the minds of employees.

Some of the most common gripes about managers included not giving credit to employees for the business' success, lack of communications, favouritism and the inability to motivate people.

"It's vital that leaders set out a clear and compelling vision, are open and honest and motivate their team to pull together in difficult times," said John Fay, CEO of SFL. "It's too easy for senior management and leaders to live in denial rather than face the reality of testing times."

The Coventry University and CMI programme will run on Fridays and weekends and is delivered by tutors with experience of working in business and industry. Students will acquire valuable management skills that will allow them to achieve two recognised qualifications and increase their potential earnings.

Anyone wanting to find out more about the course should call the School of Lifelong Learning on 024 7679 5059.