86% of SMEs say they are suffering from productivity woes whilst only 14% of UK SMEs claim productivity is not an issue.
New research has revealed that small and medium businesses are struggling with efficiencies. As a result, SMEs are looking at business processes and are implementing a wave of changes to help nurture and inspire their employees, with wellbeing measures such as flexible working and monetary rewards with companies offering bonuses and perks, and 30% say they pay above average.
Nikki Flanders, Opus Energy COO commented:
“With a vast 86 per cent of SMEs saying they’re struggling with productivity issues, the gravity of the situation has meant that businesses are now changing their approach and putting their employees first. This is definitely the right approach, as employees drive businesses forward and provide the foundations for success. It’s good to see small businesses engaging their employees and implementing measures to help talent be at their best, as this in turn will enable them to perform at their optimum in the workplace.”
A further solution to address poor productivity was location benefits, with over a fifth of SME owners setting up their businesses near other, likeminded businesses to capitalise on a culture of innovation, this even included 12% of SMEs sharing office space.
When asked specifically about working closely to rival businesses in the same sector, SME owners thought it would help their business commercially and productivity-wise, due to the competition spurring them on.
So, struggling with productivity? The answer may be as simple as making a minor change to make a big impact.
Source – HR Review
