Sheffield companies put productivity high on the agenda for 2016

Sheffield-based companies are focusing on productivity for 2016, with many business leaders reporting plans to increase wages to help drive additional productivity, according to new research from Lloyds Bank Commercial Banking.

More than 100 high-profile from across South Yorkshire all met to discuss the issues that will shape the future of businesses both across the region and the UK, during the annual Lloyds Bank Gameplan event at the Millennium Gallery, Sheffield, on Wednesday.

78% of businesses in attendance stated that they were planning on increasing employee pay packets over the course of the next year, with 37% believing that this will help increase productivity.

In addition, 91% of management teams also plan to invest in their business over the next 12 months to drive company growth, whilst 72% of attendees believe that regional devolution will help re-balance the economy and encourage economic growth in Sheffield.

Tim Pryor, area director for Lloyds Bank Commercial Banking in South Yorkshire, 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 South Yorkshire 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 Sheffield.”

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