Defining Productivity
Watch the video below
Workplace productivity
Productivity in the workplace is the completion of goals in a punctual, timeous manner, without reducing the quality of the work. Along with completing work quickly, employees should also complete work accurately. Quality cannot be compromised when aiming for increased productivity. Productivity is therefore about speed and quantity, quality, and efficiency.
Refer to the Image Below:
Productivity
Productivity means less time, effort, and resources are used to achieve or create something. In other words, productivity occurs when it takes less input to achieve the same output. For businesses, being productive means using less labour, capital, and resources to produce more goods and services. Output, however, is often difficult to measure, but for businesses, productivity is usually measured by looking at the total revenue for a specific period and dividing it by the hours worked in that same period. This formula is known as the labour productivity formula. Employees are productive when they work efficiently to produce more goods in a shorter period, which in turn increases business profits. Profits increase because businesses will have the required number of goods or sales revenue, but employees are working fewer hours which reduces payroll expenses.
A business’s employees play a significant role in enabling business productivity. Motivated and inspired staff can directly impact how productive a business is and influence the overall success of the business. That said, however, productivity needs to be visible, and employees should have a good understanding of how productivity is measured.
Productivity is usually measured in one of two ways:
The method used to measure productivity will differ depending on the business, and what works best for their employees, business operations, and objectives. When employees feel that the work they are doing is valued, they are more likely to find meaning in their work. A good level of productivity can increase employee morale and motivation. And at the same time, good employee morale will boost productivity. This contributes to a healthy workplace culture and increased business profits.
Task: True/False
Completion of the In-Lesson Task does not contribute to the assessment grading and serves as preparation for the final assessment.
Defining Productivity