UK Productivity: Q3 2016 - comments from Robert Half UK
Today saw the launch of ONS’s economic statistics theme days, with today’s releases focusing on productivity. Following the release of the latest figures, Phil Sheridan, senior managing director at specialised recruitment agency, Robert Half UK commented:
“One of the most common reasons productivity declines is due to a lack of employee morale and general unhappiness in the workplace.
“Business success hinges on a motivated and productive workforce. Yet new regulations, a growing talent shortage and the emergence of hot fintech start-ups means financial services is an industry ripe for disruption - our research shows that 86 per cent of financial services leaders have concerns about losing a top performer as the competition for talent intensifies.
“To help drive productivity upwards, financial services firms need to prioritise initiatives designed to boost job satisfaction and retain employees. For example, recognising employee success, giving clear direction and having open communication foster a culture where employees feel pride and appreciation in the workplace, helping create more fulfilled staff that consistently deliver the output the financial industry needs.
“Ultimately, a business is the sum of its parts. Without a focus on boosting staff productivity, organisations will quickly fall behind.”
A summary of today’s Productivity figures can be found here: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/labourproductivity/articles/ukproductivityintroduction/julytosept2016