The NZ Institute’s latest recipe for boosting NZ’s economic fortunes is boosting skills. It says labour productivity - output per hour worked - is the most significant driver of a nation’s GDP per capita. NZ performs relatively poorly on measures of labour productivity, ranking 22nd of 30 OECD countries, whereas Aust ranks 13th. The NZ Institute’s work on economic opportunities has identified a range of skill development priorities to support such a high-skills strategy.

The first opportunity is to increase skills; for example: • Improving educational outcomes for NZ’s most disadvantaged people • Managing the school-to-work transition more effectively to reduce youth unemployment and provide workers who will better meet the needs of employers, • Improving adult literacy, numeracy and financial skills, • Training more people with valuable skills in short supply, such as scientists, engineers, operations and development managers, and entrepreneurs.

- - -NOT A SUBSCRIBER? - - - - - - - - - - - - - - - - - - - - - - - - - - -

PROFIT AND PROSPER IN THE TOUGH TIMES AHEAD…

THE MAIN REPORT BUSINESS
Fresh thinking, trends and ideas for everyone in business. Covers the full spectrum of business matters with special emphasis on major trends, solutions, the economy, and political and legislative action which may affect you. Also strategic planning, leadership, management, marketing, customer satisfaction, employee relations. It’s where you find your inspiration! Published each Monday 46 times per year.

http://www.themainreport.co.nz/home/special-introductory-offer
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The second opportunity for NZ is to gain more value from skills already developed by • Increasing engagement with the approximately one million NZers living abroad; either encouraging them to bring their skills back to NZ or connecting with them to help NZ succeed internationally, • Encouraging more academic researchers to conduct research to improve outcomes for NZers and • Becoming far more strategic about immigration, targeting recruitment of people with the specific skills required here and getting them established, certified and employed quickly.

What is needed is stronger performance management; clear assignment of accountability for outcomes, published targets, sufficient resource reallocation to reach the targets, monitoring, review, and reporting of progress. Skills improvement is only part of the solution but it is very important. Choosing the right improvement agenda and managing performance well will be important for success.

 Copyright © The Main Report Group