Solving the productivity puzzle
With 31 million people now in work, unemployment rates are now lower than in 2008 and the United Kingdom has one the fastest growing economies. However, when comparing Gross Domestic Product (GDP) with the number of people who are now working, the UK lags far behind other G7 economies. So what's puzzling so many economists and thought leaders about our lack of productivity? In other words, how do we solve the productivity puzzle?
A great reference point is the Bank of England's published paper on The UK Productivity Puzzle. However, please read our latest guest blog in Customer Experience Magazine on what we feel is missing from the debate. At Beyond Theory we offer the view that the low levels of employee engagement, that many of our businesses are currently experiencing, is a significant contributory factor to low productivity. At the end of the day, we all know that business is about people and that people will respond either positively or negatively as to how they are treated.
We acknowledge that the productivity puzzle is both complicated and multi-faceted. However, we cannot ignore the evidence that employees need to be highly engaged to perform at their very best. Only when they are equipped with the tools, knowledge and skills they need, along with the desire and motivation to succeed, will they deliver what is required. If you don't believe this is the case, then ask your customers.
Paul Beesley, senior consultant, Beyond Theory