UK productivity growth lags 16% behind the G7; a new CBI report looks to improve this through better people practices.
The CBI has launched a new report that looks for the first time at how improving the way firms attract, manage and develop their people can have a tangible impact on UK productivity.
Produced with analytic and research support from McKinsey & Co, Great job: solving the productivity puzzle through the power of people explores the business, economic and reputational benefits of more firms adopting great people practices. It shows that if businesses were to improve these practices, a massive £110bn could be added to the UK economy.
Great job identifies common barriers to progress and offers practical guidance on how to overcome them, through stories from businesses that effectively lead, engage and develop their people.
Given the huge economic prize at stake, business and the government should work together to accelerate productivity progress. We think three things could make a difference:
- 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 which can be downloaded below, 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.
