The cost of poor leadership
Poor leadership is a big problem in the UK.
According to a report by the Organisation for Economic Co-operation and Development, (OECD), it costs the economy c£84 billion a year in lost productivity, lower quality, and higher turnover.
That's equivalent to 8% of the UK's GDP!
So, what can be done to improve the situation? Here are some tips on where to start:
- Invest in, and champion, training and development
You need to develop your skills and knowledge to lead your team effectively, motivate them, communicate clearly, and resolve conflicts. Keep up with the latest trends and best practices in your industry and beyond. A good manager is always learning and growing.
- Provide feedback and recognition
Give, and ask for, regular feedback, whether it be developmental or motivational. Recognising and rewarding good performance, celebrating achievements, and showing appreciation builds up the emotional bank account, boosting morale, engagement, and loyalty.
- Delegate and empower
Stop micromanaging and trying to control every aspect of your team's work. Trust your teams to do their jobs well, give them autonomy and responsibility, and support them when they need help. This will foster a culture of innovation, creativity and problem-solving.
- Communicate and collaborate
Communicate clearly and frequently with your team, your peers, and your stakeholders. Share information, goals, expectations, and feedback to encourage collaboration and teamwork, both within and across teams. This will improve efficiency, quality, and customer satisfaction.
- Lead by example
Live by, and demonstrate the behaviours and values you want to see in your team. This will inspire trust, respect, and loyalty.
This list isn’t complete, but it is a good place to start. Poor leadership is not inevitable or irreversible, it can be changed with some effort, investment, and support...which will cost you far less than the cost of missed deadlines, poor quality work and constantly recruiting.
And the benefits are worth it: happier employees, happier customers, and a healthier bottom line!





