“It is extremely positive to see that UK unemployment is falling and more people are in work. However, the UK is still experiencing a significant productivity challenge, with national productivity currently behind the likes of the US, Italy, Germany and France. This is reflected by the fact that wage growth remains limited.
“The government is taking steps to address this with the Productivity Plan announced in 2015, but UK plc must play its part too. In order to boost productivity and aid growth, businesses must boost employee engagement, and for this, financial incentives are key. This isn’t about throwing money at the problem, but requires implementing smart, performance-based financial rewards. Businesses need to take a step back and identify what they need to do to be successful, decide on the corporate metrics to monitor and apply technology that can automate and monetize the execution against those goals. This will be crucial to secure continued growth of employment – and living standards.”