What are business leaders referring to when they talk about productivity?
Business leaders constantly talk about the importance of raising productivity levels within the workplace, and with good reason.
But what exactly are they talking about – and how is productivity measured?
According to the Oxford English Dictionary, productivity is defined as: ‘The effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input’
So essentially, it is the amount of work that can be completed in a certain quantity of resource – such as time or money.
On a day-to-day basis, productivity may relate to the amount of work an employee can get through in their normal working hours.
This variable can be affected by a number of internal and external factors – such as the skills possessed, the physical and mental condition of the worker, and the level of technical support they have.
Automating menial, repetitive tasks – and therefore reducing the number of workers required to complete them – can help increase overall productivity and ensure more gets done.
Business leaders should be constantly reviewing the productivity of their workforce, and investigating new ways of making the most of their people investments.
In a difficult economic environment, amid increasing levels of competition, this may just prove to be a competitive differentiator for your business.
Posted by Dan Smith
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