With today’s ONS figures revealing a 0.5% decline in UK productivity, Ann Francke, Chief Executive of the Chartered Management Institute (CMI) calls for greater investment in skills and management training.
Ann Francke, Chief Executive of the Chartered Management Institute, said: “It’s alarming, but perhaps given the current political backdrop of Brexit and weak leadership, that the UK’s recent trend of productivity growth has ended.
“Action needs to be taken before this becomes a downward trend. Investment in skills and management training is a crucial step to boosting productivity.
“Poor management is costing our economy £84bn each year, and Britain lags other countries when it comes to people skills. Indeed, four out of five British bosses are ‘accidental managers’ who’ve never been trained. Investing in apprenticeships to boost management talent, as well as technical skills, is a vital part of building a globally competitive UK plc.
“We need better home-grown leaders, and more of them, to close the productivity gap and investing in management apprenticeships will provide school leavers and existing workers alike with the hands-on, practical experience needed to gain those management and leadership capabilities.”