Great job: new CBI report shows people are key to unlocking productivity

UK productivity has plateaued since the 2008 financial crash, now lagging 16% behind the rest of the G7, impacting UK living standards and competitiveness. Many factors contribute towards this, some that business has no control over. But one area where firms can truly make a difference is the way they attract, lead, engage and develop their people. In fact, improving the average quality of people management in UK firms by just 7% has the potential to add a massive £110bn to the economy.

For the first time, Great job: solving the productivity puzzle through the power of people reveals the barriers standing in the way of great business practice; and offers insight into key habits that your business can adopt to overcome them, with stories of how different businesses have approached the issue.

But business cannot solve the productivity puzzle alone. Government must also work with business to accelerate progress by:

• Kick-starting a race to the top among businesses with great people practices, which could be in the form of new charters, kitemarks or a competition
• Increasing opportunities for businesses to benchmark their performance on people issues and learn from others’ success
• Creating the right incentives for firms to enable more staff to have a shared stake in the success of the business to help boost employee engagement.

In addition to the full report, the CBI has released a member exclusive highlights report, featuring key takeaways in an easily digestible format – perfect for business leaders and HR professionals looking to quickly understand and action their next steps. Download the highlights report here.

Great job was produced with analytic and research support from McKinsey & Co