Win a day’s sailing on iconic yacht Gipsy Moth IV by proving your productivity! Research commissioned by The Isle of Wight Economic Partnership has identified low productivity as the key factor in limiting our ability to match the rest of the country in wealth creation. Productivity is a measurement of how much value we create from the work that we do. Clearly, the more value we create, the more profit we can make, the more we can afford to invest and the more we can pay ourselves. The most recent data shows the Island’s average productivity (measured as gross value added per full time equivalent job) to be £29,635. Compare this with the £40,462 average for UK jobs as whole and £41,500 for the South East and you can see why we need to boost our productivity in order to share fully in the future prosperity of the UK. Our challenge to you is to show whether your business is performing above the Island’s average level of productivity. All you have to do to calculate your business’s productivity is to apply the following formula to your last full financial year: Total Profit Before Tax + Total Remuneration* + Total Depreciation
divided by Average Full Time Equivalent Jobs** *Remuneration includes all payments and benefits paid to employees and directors ** Please calculate all Part Time Jobs as 40% of a Full Time Job How did you score? Please send us your result, in confidence, to Ken Dueck, our Enterprise Hub Director. Every business that replies by Monday, 17th March 2008, will automatically be entered into a free draw for a day out on Sir Francis Chichester’s historic Gipsy Moth IV. An expert crew will be provided by the iconic yacht’s guardians, UKSA. Send your results, together with your name, business name, address and other contact details as well as your business sector by email to ken.dueck@iwep.com, by fax to 01983 550550 or by post to The Isle of Wight Economic Partnership, Innovation Centre, St Cross Business Park, Newport, Isle of Wight, PO30 5WB The information you provide will not be transmitted to any third party without your prior permission. We may use your contact details to provide further information about activities, services or programmes that can help your business to prosper. Read the full article taken from the February 2008 edition of the Island Business magazine, which is available to Chamber of Commerce members and through various outlets. Contact the Isle of Wight Chamber of Commerce Tourism & Industry on 01983 52077 for other outlets.