During the Autumn Statement, the Chancellor pledged an additional £13 million to support firms’ management skills to help boost the country’s productivity.
The pledge is part of the £23 billion being committed to the new National Productivity Investment Fund over the next five years.
Research by the UK Commission for Employment and Skills found two-thirds of employees work in companies where productivity levels are below what is expected of businesses of that size, and in that sector.
Ann Francke, CEO of the Chartered Management Institute responded to the announcement by saying “Currently, only one in five businesses invest in management skills. The Chancellor’s comment signals that we need world-class management and leadership to close the gap with our G7 competitors.”
A 10% improvement in productivity could contribute more than £100 billion in extra value to the UK economy and enhanced management skills can play a vital role in driving improvements in a company’s productivity.
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