Businesses faced with the increased National Living Wage challenge need to improve productivity by streamlining the back office
- Lexmark International, Inc., a global technology leader, today released new research that indicates businesses in the UK are not doing enough to increase productivity following the introduction of the new National Living Wage in April 2016. With greater emphasis being placed on improving output to alleviate growing employee costs, businesses need to ensure they are investing in increasing the efficiencies of back office processes.
- The research, commissioned by Lexmark, queried business leaders across a range of businesses on the impact of the National Living Wage. The broad section of managers, heads of departments, directors and C-suite executives received no incentive to take part in the survey, nor was Lexmark introduced as a survey partner.
- The research looked at the impact of the National Living Wage on the UK workforce and the importance of automation. One-third (33%) of survey participants shared that they plan to respond more quickly to their changing business environment by improving processes to increase staff productivity. The research also highlighted that a quarter (25%) of participants believe the wage rise requires individual employee productivity to increase.
- The National Living Wage is having a profound effect on the ROI of businesses across the UK, and respondents indicated this is top of mind in the boardroom. Fifty-eight percent (58%) of participants stated that they had introduced the National Living Wage prior to the mandatory April 1 deadline, and believe they have adapted their internal structures to combat business challenges head on. A further twenty-six percent (26%) stated that the impact of the National Living Wage is being closely monitored for any potential risk.
- Survey participants also raised concerns over the National Living Wage’s influence on recruitment and retention, with twenty-five percent (25%) indicating their businesses will have to accomplish more with less budget and fewer resources. By making an initial upfront investment in automation and technology, organisations will reap rewards in the longer term, having future-proofed their businesses to ensure they are optimising productivity while delivering a high standard of service to their customers at every point of interaction.