Following today’s OBR announcement anticipating a downgrade in productivity growth, Phillippa O’Connor, people and organisation partner at PwC, said:
“The most productive UK businesses are as competitive as their international peers, but the UK has a far greater share of low productivity businesses than our European counterparts. 69% of UK workers are employed by firms whose productivity is lower than the median. The challenge, therefore, is improving productivity in the small and medium size business arena.
“Technology usage is clearly critical and a failure to adopt technology is holding back productivity. However, this is not just about investment in digital infrastructure. Equally, or perhaps even more important, is focussing on management practices and the way leadership, employee engagement, business culture, training and performance management can fundamentally change the way that these businesses operate to enhance productivity.”
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