A pilot scheme has been launched which aims to help small and medium-sized businesses in Jersey improve their productivity.
The Productivity Support Scheme will provide match-funded grants of up to £30,000 to help firms implement changes that will enable them to operate more efficiently.
The Minister for Economic Development, Senator Lyndon Farnham, said: "The task of improving productivity can be challenging. Productivity is not about working harder, it's about increasing economic output whilst reducing the resources required to achieve that increase.
"Jersey businesses are operating in a competitive environment, our economy and geography have certain limitations, and the effects of the pandemic on the economy will continue for some time. By providing government support to boost productivity across all sectors, we will contribute to our goal of developing a strong, sustainable economy."
Good levels of productivity can be seen where a company is using its available funds, staff, and technology to perform day-to-day processes efficiently, and is producing high-quality and high-value outputs. Improving productivity can generate higher business profits, higher wages and a higher standard of living.
To qualify for grant funding, firms should have fewer than 20 staff, and must apply with a detailed project plan showing how investment in areas such as new technology or processes, or finding new markets, will improve their productivity. Firms must provide half the investment themselves, and must demonstrate that they would not be likely to achieve the productivity without Government's financial support.
The scheme is being operated in partnership with Jersey Business, who will manage enquiries, help with applications, and support the businesses who apply – including those who are unsuccessful.
Jersey Business's Chief Executive Officer, Graeme Smith, said: "The COVID-19 pandemic has shone a light on business resilience in Jersey, and has accelerated many of the challenges that businesses have faced. This scheme will help those businesses that have had ideas for improving their productivity but have struggled to implement them."