Global Banking & Finance Review Issue 17 - Banking & Finance Magazine

Page 114

EMEA BUSINESS

Breaking Down the Barriers to Productivity The UK is in the throes of a productivity crisis. It’s time to break down the productivity barriers and reinvigorate the nation’s workers says Hastee CEO James Herbert Productivity in the UK is in steep decline. A recent report from the Office for National Statistics shows that between June and April this year productivity dropped at its fastest annual pace in five years. And the worrying part is, it’s been flatlining since the economic downturn of 2008.

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Naturally, business leaders should be worried. If more than a decade’s worth of low productivity wasn’t scary enough, this latest drop shows things really can get worse. It’s not complete doom and gloom – the UK isn’t heading to a grinding halt, but things could be better, much better. For business leaders, it’s about getting the best possible performance out of your people in order to achieve the best business results. So, what can be done? By exploring some of the common barriers to productivity, businesses across the UK can identify and implement

solutions that will help to reinvigorate the workforce and help them fervidly perform to the best of their abilities. 1. Absenteeism and presenteeism Reducing absenteeism is a key objective for HR managers, as well as an ongoing challenge. But too much time at work and working late into the night at home can also impact productivity in a negative way. This is known as presenteeism and – while the occasional bit of overtime can be a good thing – employers need to ensure their people are getting the right work-life balance.


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