Does the so-called Main-Stream-Media add anything to the direction information for industry, or is it about their own self-serving self-promotion?
This week we had news that suggested the UK pound has fallen against the dollar, but then in that context so did the currencies of 7 of the world’s major economies, only 3 didn't. Was that a pound fall or a dollar gain?
Jobless front reported mainly as negative news. Officially (the ONS) those out of work came in at 1.29 million, the lowest it has been since 1974. The population in 1974 was significantly smaller at 56million, now it is 66million. In the same vein there are now 4million citizens from the EU living in the UK, while there is just 850K of the UK citizens living in the EU. So relatively, are the lowest employment figures in 55years the disaster as portrayed?
Wage rises in the UK year on year are at their highest level for 10 years. Wages have outstripped cost rises by some 70% - again from the ONS.
The latest official EU Commission Single Market report of 2019 shows that only 8% of UK GDP relates to UK goods exported to the EU Single Market. That makes the UK the next to worst performer in the EU. You could ask at only 8% of GDP how affected is the UK by the EU.
The ONS again, for the first quarter of 2019 UK exports were up by 2.2billion, a record level. Exports year on year to May 2019 are up by 4% to £647.1bn - another record. The UK has now experienced 38 consecutive months of export growth on an annual rolling basis. This is despite a big fall in exports to the EU.
These are just the official figures that have been released in the last week, mainly positives, but take to the Main-Stream-Media for information and the reverse is offered up. Should business objectivity be guided by the latest news?
Be Careful What You Ask For?
(you might just get it!)
Performance related pay is a subject that surfaces with clients on a regular basis. Managers want to drive performance and are usually prepared to share some of the benefits of hard work but it’s not a one dimensional subject and more pay certainly does not equal more performance in a linear way (wouldn’t life be easy if it did!). There is also a lot of science that says that in tasks that require a lot of right brain cognitive activity then a contingent reward (if you do X then I will give you Y) is way less effective than an intrinsic reward (now you have done X then I will give you Y) where the reward is less tangible – winning, being part of a team, overcoming an obstacle.
Non the less sometimes clients like to set goals and link rewards to those goals but this is an area that is fraught with problems. The example of rewarding the person on the saw for producing cut lengths when what you actually want is finished product… and thereby creating lots and lots of cut bars to sort through and no more (or maybe even less) frames is pretty clear and in a manufacturing environment asking for what you want is pretty clear…. Or should be but sometimes cause and effect is more subtle....more