These questions are the type of questions that many people will be asking themselves after the release of the governments ‘Building our Industrial Strategy’ Green Paper. With the policy open for debate and discussion, it’s important that we understand what is meant by Productivity.
Productivity is the effectiveness of productive effort measured in terms of the rate of output per unit of input.
The ‘Building our Industrial Strategy’ Green Paper has identified the need to increase our productivity to help our Country become great again. To quote from Prime Minister Theresa May’s introduction in the ‘Building our Industrial Strategy’ Green Paper:
“This active government will build on Britain’s strategic strengths and tackle our underlying weaknesses, like low productivity. This is vital because if we want to increase our overall prosperity, if we want more people to share in that prosperity, if we want higher real wages, and if we want more opportunities for young people to get on – we have to raise our productivity.”
Productivity is closely related to prosperity and the standard of living within a country. As productivity goes up, so does the standard of living. Currently, when it comes to productivity, the UK is far behind many other parts of the World. To quote from Greg Clark, Secretary of State for Business, Energy and Industrial Strategy:
“For all the global excellence of the UK’s best companies, industries and places we have too many who lie far behind the leaders. That is why, on average, workers in France, Germany and the United States produce around as much in four days as UK workers do in five.”
Improving productivity is not done by making people work harder or faster, it is achieved when each hour of input is made to yield more output per hour than before. This may sound difficult to achieve, but one of the keys to increase productivity is automation. With automation, output can be increased whilst maintaining the same level of input. As productivity goes up, so standards of living increase, and who of us doesn’t want that to happen!
Watch this short video to help you understand what productivity is and how you can increase productivity in your business.
Wishing you every success!
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