Poor productivity costs Treasury £111bn
The UK workforce is only economically productive on 115 out of 225 possible working days, costing the UK Treasury billions in lost revenue, new research has revealed.
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Compared to other leading nations, the UK fared poorly, with France having 128 productive days, the US on 142 days and Germany with the most productive global workforce at 145 days.
UK productivity was hit by poor planning and controlling of work, which the report claimed was getting worse. Furthermore, IT problems increased from 7% to 10% as a cause for loss of productivity to British companies, while poor morale and poor management of the workforce were also significant factors.
These results were based on a survey of nearly 1,400 companies in nine countries and a poll of 2,700 chief executives undertaken by Proudfoot Consulting.
Kevin Parry, Proudfoot Consulting chairman said: ‘This report shows many British firms are still only working at just over half their true capacity.’
‘This collective underachievement is not only costing shareholders and the nation dearly, it’s also adversely affecting our global economic competiteveness.’