"The targeted deployment and leadership of great talent has the most impact on productivity."

A recent article in Raconteur highlighted how the UK lags in productivity compared to other countries worldwide. The UK's GDP per hour worked in 2020 was only 55% of Ireland's. Bigger investments in training and more enlightened talent management practices were highlighted as needed if the gap is ever to close.

"The targeted deployment and leadership of great talent has the most impact on productivity."

Michael Mankins, global leader of organisation design, corporate strategy and transformation at Bain & Co

“We’re missing a trick in not nudging the tens of thousands of small companies that are lagging in productivity to be just a bit better,”

Mark Hart, deputy director of Aston Business School’s Enterprise Research Centre and a research associate at The Productivity Institute.

According to Mark Hart, the training element could prove decisive for the UK economy. Firms often complain about skills shortages and a lack of suitable candidates in the recruitment market, but Hart says that the talent they require may already be in their business – if they’re prepared to invest in its development. 

At Friday at Five, we see this as a critical conversation point with our clients. Improving engagement directly impacts the team members, the customers or clients they are serving, which directly correlates with sustained profit growth.

If all firms could drive engagement, we'd see an overall increase in productivity in our regions and across the UK. However, training alone won't be a magic solution. Business owners and senior leaders must be invested and support their team members and leaders to implement their learning. It requires a cultural approach to ensure businesses maximise their investment. For this reason, when onboarding new clients, one of our essential questions is, "How will you ensure this learning stays relevant, and your people follow through on committed actions?". We want to see our clients get the best returns on their investment for their people, clients, and business.

We are Friday at Five; we are performance experts.

Friday at Five transforms the most important asset of any business; its people.

By engaging, developing and coaching, we embed performance habits that stick.

Engage | Develop | Perform

Please get in touch to find out more.

Exerts taken from Raconteur, July 15th 2022. Read the full article here.