April 30, 2019
Bosses need to engage and train their staff better to help solve the nations chronic productivity problems and prepare their companies for the future, research has suggested.
Half of employees claim that their organizations are failing to create the right work environment, only a fifth believe that they are keeping pace with technological change and two thirds say that they are given no incentive to learn new skills, according to a survey by Deloitte.
The accounting groups findings support fears that British companies are falling behind. More needs to be done to improve employees experience, sharpen up leadership and increase on-the-job training, its report said.
Human capital is a businesss biggest asset, Will Gosling, a partner at Deloitte UK, said. Employers are already facing huge disruption challenges, from technology advances to demographic changes, and an unproductive and unengaged workforce simply should not be one of them.
Britains productivity has stagnated since the financial crisis and is so far below that of other advanced G7 nations that it takes a British worker five days to produce what a German or French one can deliver in four.
The productivity problems have been blamed on shortcomings such as a lack of investment and cheap labor, but studies also have linked it with bad management. The UK has a very long tail of companies with weak productivity where bosses are failing to follow best practice and adopt new technologies.
Deloittes Global Human Capital Trends report, which compiled responses from 10,000 people including human resource professionals and business leaders in 119 countries, appeared to confirm those concerns. It said that only 22% of British employees were satisfied with their companys use of technology, compared with 51% in Germany, and only 18% believed that their leadership programs are effective at developing leaders to meet evolving business and economic challenges.
A big majority of employees, 84%, believed that there was a link between staff engagement and productivity, but 68% of companies did not measure the correlation. This suggests UK business leaders need to think differently to prevent productivity slumps, Deloitte said.
Staff training is also considered vital to prepare people for the future world of work, where machine learning and automation will replace large parts of the labor market. Last week, a report by the Organization for Economic Co-operation and Development warned that 11.7% of UK jobs were threatened by automation and 26% faced significant change in the next 15 to 20 years.
Yet Deloittes study found that in Britain 69% of the workforce were given no incentive to learn new skills. Only 50% of employees said that their companies were effective at creating a positive work environment and only 36% believed that employers successfully engaged staff in career advancement opportunities.
The workplace is seeing a huge transition, as traditional organizational structures and hierarchies are being broken down into team structures. Adopting team structures will improve productivity and in turn performance, so businesses that have not yet made this transition are at risk of falling further behind, Mr. Gosling said.
Copyright 2019 Newstex LLC All Rights Reserved.
Terms and Conditions
Quality News Today is an ASQ member benefit offering quality related news
from around the world every business day.
Click here to read the entire article: Quality News Today.