With BREXIT looming, increasing skills shortages and growing concerns over UK productivity, many UK bosses are already looking to take control before concerns turn into a crisis. One of the answers might be a new initiative called Fit4BusinessGrowth.
UK Productivity is a Problem
Chief Economist and Executive Director of monetary analysis and statistics at the Bank of England, Andy Haldane, said “Productivity growth has consistently underperformed relative to expectations, since at least the global financial crisis.”
Haldane said that one of the reasons for the UK’s poor productivity is that it is the result of management failings. Pointing to evidence from economists Nicholas Bloom and John Van Reenen who have shown that weaknesses in management processes and practices lead to low productivity, Haldane said. “These poor practices are most pronounced in sectors where competition is weak and in family-owned firms where management control rests with the eldest son”.
CMI’s Petra Wilton, Director of Strategy and External Affairs makes a similar point noting that poor management is costing the British economy billions, and is a ‘weight around the neck of UK Plc’, preventing it from being a ‘globally competitive economic power’.
Growing Through Tough Times
In June, Exponential Training along with the Chartered Management Institute is hosting a half day conference called, “Growing Through Challenging Times”. During the conference, Exponential will be showcasing the results and impact of the Fit4BusinessGrowth sponsored by the European Commission.
With poor management costing the UK economy an estimated £84bn annually, Exponential Training is committed to increasing the number of professionally qualified managers. Anne-Marie Daly, Exponential’s Quality and Moderation Manager said, “If we want the UK to thrive post BREXIT, we need to up our game. The UK currently has an estimated 2.4 million untrained managers; they do their best every day, but when you lack the tools and skills to plan, organise and manage effectively, you underperform virtually every day.”
Fit4BusinessGrowth is packed with ideas, tools and tips that every business should consider using. Ranging from ‘high performance work practices’, ‘wellness in business practices’ and ‘employee engagement practices’, the Fit4BusinessGrowth Model is simple, easy-to-use and supports managers and organisations to improve performance.
Places for the conference are limited and on a first-come-first-served basis. For details of how to reserve your place, click here