I’ll be honest, for benchmarking I could have chosen any number from 1-15% so 7% seems like a reasonable target for the average business.
I can say this with confidence because all the research indicates that UK businesses are lagging behind in various productivity management measures. The productivity puzzle is a well known phenomena. Some other recent examples include;
• Be the Business – “Too few businesses measure their productivity or compare themselves against other firms, with only 58 per cent having invested in measuring their performance in the past two years”
• UKWA / SCALA – “too often kpis are set at the outset and then consigned to a bottom drawer”
• UKWA conference – “How many companies have enough metrics in their fulfilment operations to identify costs?
o 14% full
o 48% partial
o 38% no metrics”
• Hilton Productivity Services Ltd survey 2019 – “it suggests that despite the widespread adoption of productivity KPIs as a management tool, around a quarter of businesses are not engaging the support of specialists / experts in this field”
So this is the context for the next few blog posts that will describe some of the basic things that businesses can do to improve their productivity management processes.