Innovation challenge for British industries
Business leaders across the world are more focused on innovation and developing their workforces than their UK counterparts, according to a new report.
Chief executives in this country said maintaining customer relationships is their biggest challenge and they are more conscious of corporate brand and reputation than anywhere else in the world.
The Chartered Management Institute (CMI) said its survey of more than 700 business leaders, including 40 in the UK, found differences in priorities.
Innovation was eighth in terms of priorities in the UK, compared with third globally and topping the list in China.
CMI chief executive Ann Francke said: "It makes sense to put customers at the heart of business strategy, but the danger... is that UK business leaders may be focusing too much on this at the expense of other key priorities.
"How will we deliver innovation and great customer service without prioritising people development? Senior executives in the UK should focus more on developing their workforces and driving innovation so they can compete with economic powerhouses like China."