9 July 2019 - Article

Solving the UK Productivity Puzzle – it’s more than just equipment

Much has been said about the importance of increasing productivity, or output per employee, as a means of generating economic growth and improved living standards.

The UK lags behind most large developed countries when it comes to recent productivity growth and one significant cause has almost certainly been a relative reluctance on the part of UK businesses to invest in the capital equipment necessary to provide employees with the means to increase production.

But is a lack of investment in new capital equipment the only problem? The answer is probably not because investment by businesses comes in two forms:

1. Investment in equipment
2. Investment in people

The largest part of the UK economy is the service sector. Given that success in this sector depends as much on the personal skills and motivation of the people who work in it, as the technology they use, investment in people is a key requirement.

The most effective method that employers can invest in their people is by providing an ongoing training programme to ensure that their employees have the skills and knowledge to succeed.

In some of the traditional professions, such as medicine and the law it is a requirement that a certain number of qualifying hours of training should be completed every year. Where such training is central to any job role, the Continuing Professional Development (CPD) Standards Office ensures content offered by training providers is subject to independent audit and provides accreditation when satisfactory standards of training delivery are met. It is only CPD accredited training courses that qualify for ‘training hours’ and certification is provided as proof of attendance.

It is a necessity for doctors, lawyers and other professional practitioners to attend a minimum number of CPD accredited training courses. But whilst there are many other professions where training is similarly important, no formal system of external audit is required for continued employment. Sales is one profession and as we see rapid changes in technology, market conditions and regulation, there has never been a more important time for professional sales people to ensure they have the knowledge and skills necessary to succeed in an increasingly competitive world.

For several years BNP Paribas Leasing Solutions have been offering specialist training to those who sell capital equipment to business customers. The training ensures that individuals are provided with the knowledge needed to understand the different types of business finance available and the skills to use that knowledge to overcome budgetary constraints. The aim is to ensure that their customers are given the means to acquire the equipment needed for their own business success.

The BNP Paribas Leasing Solutions Finance Unlocked training programme has recently received CPD accreditation and those attending now can offer independent proof to customers and colleagues that they have made an important commitment to their own continued professional development. This is part of our contribution to helping the UK solve the ‘Productivity Puzzle’.

Andy Milsom, Head of Partner Training & Development at BNP Paribas Leasing Solutions

Andy is an experienced sales and finance professional with over 25 years’ experience in sales aid leasing. Andy is widely recognised as an expert in business finance and has in recent years focused his attention on developing partner sales teams develop an understanding of how businesses secure project financing. His training programme – Finance Unlocked – is a highly rated customisable course and is offered at no cost to partners.

If you’re interested in helping your sales team overcome finance-related hurdles during the selling cycle, please get in touch with Andy on 07966 114 243 or email here.

We are committed to your business growth.