Opinion: Grant Speed
Productivity crisis? Bring in the interims
According to the latest statistics from the ONS, the UK currently has the second lowest rate of productivity out of the G7 countries.
There are various factors that can contribute to our nation’s poor productivity figures - including low wages, poor training and skills development and under-funded infrastructure blocking connectivity across the economy. The combined effect has done little to help engage and motivate the workforce following years of recession.
If the UK is to improve its standing among the world’s advanced economies, businesses need to look to their leadership teams to inspire and ensure they are getting the most out of employees’ experience and talent.
As such, interims will no doubt play a crucial role in combatting inefficiencies. Bringing in a ‘fresh pair of eyes’ might sound like ‘old hat’ but we see it works, time and time again, in helping to revitalise staff.
An objective external professional can use their perspective to identify problems that might have been in plain view, but missed by established management teams. Interims also draw on their extensive track records in industry to bring best practice to a business and implement positive, often mission-critical initiatives across departments - from operations and HR to procurement and technology.
One sector that is under the microscope for productivity is the UK’s reviving manufacturing and engineering sector. While the industry has made great gains in making its mark in the economic recovery, there is much more work to be done in establishing ourselves as a major manufacturing power on the global stage once again.
To make that step, developing new technologies and leveraging their productive capabilities will be the key to sealing the nation’s competitive advantage. Now, many firms are looking to interims as a cost-effective and flexible solution to boosting productivity.
With so much potential locked deep within the British economy, we would encourage all management teams to explore an investment in an interim manager. But it is up to them to make that game-changing next step. As Forbes once said: “If you don’t drive your business, you'll be driven out of business.”
Grant Speed is Managing Director at Odgers Interim
Categories: Energy, Manufacturing & Infrastructure