People-powered innovation
The CIPD examines the state of innovation in the UK and its connection with productivity to inform policy-making and investment
The CIPD examines the state of innovation in the UK and its connection with productivity to inform policy-making and investment
Aimed at informing policy-making and government investment, this report makes the case for an updated innovation strategy with a much stronger focus on boosting innovation adoption across the economy while continuing to support the country’s strengths in ‘cutting-edge’ R&D and science-based innovation.
Innovation is about new and better ways of doing things. All the richest economies have seen a productivity slowdown since the financial crisis, thought to be due primarily to weakness in diffusing innovation. However, the extent of that slowdown has been greatest in the UK. There is significant potential to increase productivity in all industries if more low-productivity firms could be brought towards the average. Policies to support innovation adoption are key to unlocking these gains.
The UK needs an innovation strategy alongside an industrial strategy that cater for the needs of the 'everyday economy'. Stronger partnerships between employers and employees should also be encouraged to enhance working practices within sectors. For full details of our policy recommendations, download the report in the link below.
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