Bad employers are the reason the economy is dragging down

A third of the 2,000 people surveyed said they had left a job because of a negative work culture.

The Resolution Trust recently warned that companies in the UK are not as well managed as in the US, with adverse effects on investment, productivity and growth.

„Rising interest rates are crossing borders, and many countries are seeing bad taxes. However, bad managers are one area where Britain stands out,” it said in a major statement.

„Only a small fraction of UK companies are managed by the top 25 per cent of US companies.”

It added: “This is important for reasons beyond investment. But well-managed companies make better investment decisions, do better at forecasting the overall economy and the growth of their own companies.

The decline in UK productivity means that workers in the US produced 28 per cent more per hour in 2019 than in the UK.

Economist Jan van Reenen added that the French and Germans produce about 13 percent more than their British counterparts.

An index of management practices compiled by respected economists, including Mr Van Reenen at Stanford and the London School of Economics, suggested that more than 50 per cent of the productivity gap between Britain and the US could be explained by poor management.

A Phoenix spokesperson said: “We always want to be efficient and effective and we know it's important to colleagues to have highly capable leaders at every level.

“Moving colleagues between different parts of our business is very helpful for our company to develop expertise and inspire others.

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„It provides an opportunity to bring in new thinking, increase productivity and always better align our resources, including middle management. This is critical to UK corporate productivity.

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