TUC’s Frances O’Grady says giving workers a stronger voice in decision making will help economy prosper
In a report commissioned by the Labour Party, the former head of the Institute of Directors, Sir George Cox, said pressure for immediate results at the expense of long-term planning has become an “entrenched feature of the UK business environment”.
TUC general secretary Frances O’Grady said:“It’s encouraging to see a consensus emerging on the need to plan for the long term, for companies to be able to concentrate on where they might be in twenty years, rather than just worry about what will be happening in twenty days’ time.
“Preventing those speculators who buy up shares as soon as a takeover has been announced from having a vote on the deal would help keep those who are simply out to make a quick buck from potentially vetoing what’s in the best long-term interests of the company and its workforce.
“A smarter use of public procurement policies alongside an active industrial policy, so that the UK can become as nurturing of its industries as other European governments have proven themselves to be, would also help give UK companies a greater sense of security and help them start to think long-term.
“This is something ministers have within their power to start acting upon now.
“But it’s disappointing that there are not more suggestions for increasing the voice of employees in the running of businesses.
“As well as employee representatives on remuneration committees, there are many more ways of ensuring workers have a real voice in their company.
“Getting the staff on side and involved in the long-term decision-making is a sure-fire way for a company to grow and stay successful.
“Companies [which] understand the benefits of giving workers a genuine voice score highly on employee satisfaction. As a result they hold onto their staff and are amongst the most productive.”
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