CEO Today Magazine December 2018 Edition

www.ceotodaymagazine.com 24 special feature Figures released by the Office for National Statistics reveal that the UK’s output per hour has declined in the third quarter of 2018. The news is likely to be unwelcome, if unsurprising for UK CEOs. After Japan, the UK is the worst performing member of the G7 when it comes to productivity. Our output is far below the average for the rest of the group, with France and Germany surging out in front. Even in comparison to our own past performance, we’re lagging behind; before the financial crisis, our growth was increasing by an average of 2% a year. We’re in a very fragile position. Despite a high employment rate, our output is sluggish, and with a number of challenges on the horizon, it is time for UK business leaders to take a stand. Harder, better, faster, stronger For the UK economy to continue to flourish, we need to make a change. Workers can work longer and harder to increase output, but we know this can actually have the opposite effect; overstretched workers become exhausted, unmotivated and inefficient. So what else can we do? The UK government has set Solving the Productivity Puzzle David Willett, Corporate Director The Open University