ONS Productivity Flash Estimate Comment

Bruce Moss, Founder and Strategy Director at EValue: “Productivity remains a huge challenge for UK businesses. Yet there are simple but significant steps that employers can take to help to address the issue, such as using innovative technology that improves employee engagement with their finances and boosts their financial wellbeing.

It is estimated that around 46% of people in the UK have financial worries, which can causes a significant drain on productivity in the workplace. By investing in financial technology that boosts engagement with financial planning, employers can ensure employees get to grips with their finances and see improved levels of productivity, which in turn protects their business bottom line. This employer offering is being transformed by the development of intuitive and accessible robo-advice platforms which enable staff to make informed financial decisions.

With compulsory retirement no longer available to employers, there is a worry that older less productive employees may linger in the workforce because they cannot afford to retire. As the government looks to give individuals greater responsibility for securing their retirement income, a clear, concise, and robust financial plan aided by state of the art technology can help businesses close the productivity gap.”