Around the world organisations are working tirelessly to understand and adapt to emerging technologies, new cultural preferences and changing workforce dynamics, all of which have created challenging productivity and performance issues amongst workforces.
Over the last 10 years, there has been a seismic shift in the way we work, which has put tremendous pressure on organisations to modernise and digitally transform in the interest of ensuring operating models are agile, competitive, and, most importantly, fit for the future. Organisations in the United Kingdom and Ireland have arguably felt this shift more than other countries, which can be seen most noticeably through Britain’s own productivity puzzle.
What was expected to be a short-term productivity issue caused by the 2008 financial crisis created a lasting effect, which has been plagued by further economic uncertainty.
Between 2008 and 2017, productivity per hour grew at an average rate of 0.2% – a significantly lower rate than the Noughties (1.1%), 90’s (2.2%) and 80’s (2.4%).
Whilst economists searched for signs of potential improvement in traditional economic indicators such as inflation, consumer spending, trade and interest rates, the situation grew more complex as Brexit and the cost of the United Kingdom’s withdrawal from the European Union were introduced into economic forecasts. As we reflect on the last 10 years of productivity and consider what the next 10 years have to hold, it’s clear that 2018 presents a critical crossroads.
The question we must answer is how we unlock our full potential as a workforce and society. The answer, we believe, is through a deep understanding of people and their ability to drive the economy through the way they work.
The way people work sits at the heart of every organisation – from small to large, public to private – across every industry and sector. Moving forward, the mark of modernisation for every organisation will be operational alignment between cultural, physical and technological workplace strategies, all based on a common ground between employees and employers.
Modernisation at this level will lead to tremendous growth for organisations and the United Kingdom alike, resulting in a powerful Economy of People. Ricoh’s mission is to help organisations gain a better understanding of their people and the way they work.
By focusing on people first, organisations can implement new processes, workplace initiatives and technology strategies that will maximise potential and ensure they are fit for the future. By examining the Economy of People in partnership with Oxford Economics, Ricoh has calculated the potential impact of aligning culture, workspace and technology strategies. The result is a new, holistic approach to designing workplaces that has the potential to uplift organisations and positively reshape the United Kingdom and Ireland’s economic trajectories for the foreseeable future.
Phil Keoghan, CEO, Ricoh UK and Ireland
