Thursday, 24 November 2016

Autumn Statement: Finding a cure for Employee Engagement & Productivity

And so the panic starts. With many employers still reeling from yesterday’s news from Chancellor Philip Hammond to curb tax-free benefits, it begs the question: What happens now?

There is a wide consensus that this decision will limit businesses in engaging with their workforce and will affect productivity as a direct result.

Employee perks and benefits have become increasingly popular in the last 5 years, with businesses competing for talent and encouraging retention through company-wide packages. From April 2017, it is highly likely that employees will have to pay a price for such schemes.

But in this tunnel of confusion and worry, let me bring you some light.

In terms of engagement and productivity, only 20% of employees will cite their company and its benefits schemes as the solution. So yesterday’s news may not affect your workforce as much as you think. More importantly, the outstanding 80% lies with...have a guess...your leaders. 80% of talent view managers as a key to engagement and performance.

Tom Castley, VP EMEA, Xactly, argued that rather than focusing on investment alone, businesses should look to improve productivity by engaging their existing workforce:

“We have a clear productivity gap in the UK – with employees working longer hours for lower output. However, rather than focusing on investment alone, UK businesses should also look to bolster their own productivity by engaging their existing workforce.”

Employers need to begin adopting innovative ways to engage and develop their workforce. The perks and benefits will continue to be important but to address these alone, is the easy, dare I say, lazy option. Today’s talent demands an environment where they can reach their potential and the solution will not be found in a free gym membership.

It is time to start addressing the cause and stop focusing on the symptoms.

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Last modified on Friday, 25 November 2016 09:57

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