This week, the ONS announced that unemployment in the UK fell by 27,000 to 1.34 million, putting the unemployment rate at the lowest level since 1975. Additionally, wages are growing at their fastest pace since the Brexit referendum three years ago.
Neil Pickering, industry and customer insights manager at Kronos Incorporated, has commented on how, in light of this strong jobs market, it’s more important than ever that organisations do more to keep their employees engaged in order to retain them.
“The latest employment growth figures may be good for employees but they represent a major challenge for employers. Overlay these growth figures onto a chart showing falling productivity stats (as published by the ONS for the second half of 2018) and a picture of poor technological and people investments by many UK organisations starts to emerge.
“With unemployment now so low, UK organisations can no longer access a pool of low cost, high quality workers to help increase their output. Competition to attract, hire and retain workers has increased wages, which is further exacerbating the need to deliver higher productivity and efficiency.
“Investments in new technology that are able to optimise people and equipment performance is desperately needed – if UK organisations are to compete effectively at a local and global level. Ultimately, the organisations that thrive and those that fail will be measured by their ability to embed and embrace technological change.”
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