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: UK Business Lacks Innovation

UK Business Lacks Innovation


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This article originally appeared in The C-suite

 

A new research report from employee engagement specialists, Purple Cubed, has revealed a startling insight into the C-Suite of UK businesses.

Entitled Engage, Enable, Empower: the Powerhouse of Organisational Success and carried out amongst 250 C-Suite professionals, qualitative interviews with global businesses including EE, FIS Global, IPG Mediabrands, Pentland Brands, Royal Bank of Canada and Metro Bank, and a focus group with students from Hult International Business School; the report found:

  • UK is lacking the skills and talent to respond to changing economic environments with 98% of respondents extremely concerned about the impact on the growth of the economy
  • Just under 3/4 of businesses fail to empower their people to do their job to a high standard
  • Six in 10 respondents believe innovation is critical to growth; yet do not create an innovation culture where their people are encouraged to innovate
  • 86% of C-Suite members do not believe their business has a robust engagement strategy despite seven in 10 believing engagement is the key to productivity
  • One in 10 CEOs would panic if their engagement scores dropped; in comparison to just 1% of the total sample

Jo Harley, Managing Director of Purple Cubed commented on the findings:

“Earlier this year, the UK heard Chancellor George Osborne’s eighth budget and among the positive news around jobs creation; it was disappointing to hear that growth and GDP forecasts were revised down. While some of this is due to a globally unpredictable economy, some of the blame must lie with us as UK business owners.

“Our research into this area has found that businesses are repeatedly paying the likes of employee innovation and engagement lip-service; yet fail to consistently action long-term approaches to improving in these areas. UK businesses, and our economy, are paying the price of this short-term focus through loss of motivation, engagement, productivity and profit.

“With 78% of CEOs stating engagement is the key to a productive and successful organisation and positive economic growth; things have to change if we want to see our growth and GDP forecasts increase.”

For a copy of the report, please visit www.purplecubed.com

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