Sir Digby Jones, UK skills envoy and former director general of the CBI, said today at the Work Wise UK Summit at the QEII Conference Centre, marking the start of Work Wise Week: "The world is changing fast, and unless businesses in this country rise to the challenges of the new global economy and adopt new working practices, they will miss out.

"Let's be clear about this, the economies of countries such as China and India are expanding at a massive pace, and will eclipse the established economies in the West within a matter of a few years unless we act now. Just look at the impact the Industrial Revolution had on the world and the prosperity of this country when we innovated and embraced new technologies and working practices in the 19th century.

"A successful economy is one that is prosperous and dynamic. One that moves and changes as the market moves and changes, one which makes efficient use of the resources it has at its disposal, without endangering the environment. It's about applying knowledge, not just hours.

"Businesses need to face up to all these new challenges now, or be relegated from the top tier, thus drawing to a close Great Britain's prominence as one of the world's most progressive economies.

"The challenges are not only in terms of selling goods and services, or innovation, but also in the labour market. Recruiting and retaining staff with the right skills will become increasingly difficult over the coming decade, as the labour market becomes more mobile internationally, and the drain to these emerging economies grow.

"The impact of the wider adoption of new smarter working practices will be profound, as some businesses have already discovered. Not only will there be improvements in productivity and competitiveness but also in the well being of staff which in turn impacts positively upon employee relations.  This is not about working harder but more cleverly. 

"But it does not end there, smarter working practices limit the need to travel, and stagger the times of travel, reducing congestion and overcrowding on public transport, and also minimising the impact of work upon the environment."

Speakers at today's Work Wise Summit will discuss how adopting new smarter working practices will help UK businesses meet the growing challenges facing them.

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