The CBI has kicked-off a new research project on the link between business’ people practices and UK productivity in partnership with McKinsey & Company.
This is the third in a series investigating the growing gap between productivity in the UK and G7 countries. It builds on findings from Unlocking Regional Growth which shows that better management practices and in-work development are among the top four drivers of regional productivity. It also builds on our report Ostrich to Magpie, which shows that to drive UK productivity, the adoption of effective management practices and proven technologies go hand in hand.
The CBI and McKinsey & Company will analyse existing literature and consult with experts in the field. They will also survey and conduct a series of interviews with decision-makers representing businesses across all sectors and sizes of the UK economy. The research will answer three questions: in order to ensure that UK workplaces are a source of comparative advantage, what concrete action do businesses, government and society need to take now to enable people to give their best in the workplace, how can barriers to implementation be overcome, and what value could be achieved by doing so?
The CBI intends to use the research to run a campaign showcasing how businesses can adopt better management practices to drive productivity, not just in their business but across the UK. Crucially, the CBI wants to understand, if there are benefits from better people practices on productivity, what stops businesses from being able to adopt them. The CBI intends to publish the research in Q1 2019, as well as share practical guidance on what works from businesses leading the way. This will inform the CBI’s work on the UK’s Industrial Strategy, of which ‘people’ is a core pillar.
The CBI will be speaking with members as the research develops. We’d love to hear what steps you are taking to improve your business’ people practices – to share your insight or to find out more information, please get in touch.