The UK is not the only advanced economy suffering weak productivity growth – Reuters reported in early December that Canadian productivity fell in the third quarter, the second consecutive decline, as the number of hours worked grew faster than business output. Bucking the trend, the US productivity jumped three percent in the third quarter, its best result in three years.
One of the biggest challenges for companies is to keep the workforce motivated at all times. When employees do the same work day in and day out, it becomes difficult to keep them interested and doing their very best. The solution to this problem is further education. Learning new skills or improving an existing skillset will relieve stasis and set the workforce forward.
Failure to keep promises, blaming employees for leadership mistakes, lack of credit, disparaging remarks, silent treatment, poor or no decision making....the list goes on and on. The impact of poor leadership is not simply emotional, it’s financial. Various studies on the subject show that up to 32% of voluntary turnover can be avoided with better leadership. Calculate how much it costs to lose one competent, productive, contributing employee and then multiply that by having to replace 30% of your workforce.