What is Productivity?
Productivity is the relationship between the amount of output produced and the amount of input used to produce the output. Higher productivity means achieving more with the same or lesser amount of input resources. An increase in productivity will lead to benefits such as higher standard of living, enhanced competitiveness and better quality of life.
Business Productivity vs People Productivity
Business Productivity is about Gross Domestic Product (GDP) growth, big business, large investment projects and financial markets.
- Businessman : Productivity reduces cost and increase profits.
- Company Executive : Productivity is value creation – gross value added less depreciation of the inputs used in the process of production.
- Workforce : Productivity means getting higher wages, benefits and better working conditions and environment.
- Investor : Productivity can be achieved by obtaining better dividends, incentives and by investing money in the profitable venture.
- Scientist : Productivity helps to identify wasteful actions/practices and facilitates correctives actions through method improvement, technological upgrading of skills, better teamwork and participations.
People Productivity is concerned with what matters to the people, which includes jobs, small businesses, the cost of living family wellbeing and social inclusion.
- Individual : Productivity helps to focus on becoming the better version of our self.
- Consumer : Productivity brings good quality products and services at cheaper prices and enables higher living standards.
- Family : Productivity give good quality environment and Improved work-life balance, leading to more time spent with family and loved ones
Business : Productivity can help to make better decisions:
- Which product should I focus production on?
- How many employees do I require per factory?
- How can I stay competitive?
- Heighten living standards through:
- Improved delivery of government and private sector services.
- Improved work-life balance, leading to more time spent with family and loved ones.
People : Increasing productivity can improve overall living standards.
- How can I optimize the limited time available to me?
- Is there a way for me to advance my skills to earn a higher income?
- How can I choose a good product and shop?
- How to be a good leader in family?
- How can I improve my skill?
- How can I be more focused?