Member Article

Productivity high on the agenda for Kent firms

Kent-based companies are prioritising productivity in 2016, with the majority of business leaders reporting plans to increase wages to help drive additional productivity, according to new research from Lloyds Bank Commercial Banking.

Around 60 influential business figures from across Kent attended the latest annual Lloyds Bank Gameplan event in Leeds Castle on Tuesday to discuss the issues that will shape the future of businesses both across the region and the UK.

83 per cent of businesses in attendance said they were planning on increasing employee pay packets over the course of the next year, with 30 per cent believing that this will help increase productivity.

93 per cent of management teams also plan to invest in their business over the next 12 months to drive company growth, whilst a 20 per cent of attendees believe that regional devolution will help re-balance the economy and encourage economic growth in Kent.

The event brought together the region’s business leaders, policymakers, professionals and academics to discuss the opportunities and challenges facing Kent-based businesses, and the wider UK economy.

It included a panel debate featuring former BBC Breakfast presenter, Declan Curry, Countrystyle Recycling MD Chris Howard, Fresca Group chairman Chris Mack, Shepherd Neame chief executive Jonathan Neame, and Dover Harbour Board finance director Shaun Pottage.

Russell Harvey, area director for Lloyds Bank Commercial Banking in Kent, said: “Whilst economic growth has resumed since the recession and employment has surged, productivity growth has stalled.

“The reported rise in wages is strongly linked to increased productivity and from what business leaders in Kent have told us, this is very much on their agenda.

“The Gameplan events give us a snapshot view of how businesses are feeling in the area, helping us to understand what the future looks like so that we can provide tailored support to companies. The vast majority are planning to invest in the next year in order to generate further growth, which is good news for Kent.”

This was posted in Bdaily's Members' News section by Ellen Forster .