Boosting productivity key to NI growth

More than 90% of small businesses see boosting productivity levels as important for their business but almost a third of companies are currently doing nothing about it, according to new research from Ulster Bank.
Cara Taylor of Ulster BankCara Taylor of Ulster Bank
Cara Taylor of Ulster Bank

Having a more skilled workforce was seen by firms as the biggest potential boost to productivity (35%), with better equipment or machinery (25%), an improved workplace culture (14%) and fewer distractions (14%) also cited.

Carried out by Perceptive Insight, the survey analysed the growth performance of local businesses with between five and 50 employees across a range of sectors – including food & drink, technology, construction and retail.

“Boosting productivity is perhaps the biggest challenge and opportunity for the Northern Ireland economy, so it is encouraging that over 90% of small businesses recognise the importance of becoming more productive,” said Cara Taylor, business growth enabler at Ulster Bank.

“However, the fact that one-in-three companies say they are not doing anything about it shows that there is still much to be done.”

Sixty-two per cent of firms expected to be impacted in some way by the lack of political stability in Northern Ireland while 61% felt it would impact either a little (29%) or a lot (32%), on the successful development of their business.