(noun) the rate at which a worker or a company produces goods, and the amount produced, compared with how much time, work and money is needed to produce them.
Productivity
How?
We look at 4 key factors affecting business productivity:
People
- Benchmarking of skill levels – comparing the skills and competencies of employees or teams within your organisation to industry standards or best practices.
- Addressing poor performance – Identifying and taking steps to rectify subpar performance by employees or teams within an organisation
- Team Culture – Shared values, beliefs, norms and practices that shape how employees interact, make decisions, and conduct themselves within the organisation
- Communication – The cornerstone of success, facilitating collaboration, decision-making, and the building of strong relationships with customers and stakeholders.
- Workplace mentoring – Accelerated professional growth and development through the guidance, support, and knowledge transfer from experienced mentors to mentees.
Products
- Quality of products produced – build customer trust, enhance brand reputation, and lead to customer satisfaction and loyalty, ultimately driving long-term success and profitability.
- Lowering production costs – crucial for improving profit margins, maintaining competitiveness, and ensuring efficient resource allocation within a business
- Reducing waste in production – vital for enhancing sustainability, minimising resource depletion, and improving operational efficiency, thereby benefiting the bottom line.
Processes
- Streamlining processes to remove waste – essential to optimise efficiency, reduce operational costs, and enhance overall productivity, enabling organisations to remain competitive in market.
- Better process flow – systematic and efficient movement of tasks and information within an organisation, resulting in reduced bottlenecks, improved productivity, and enhanced overall performance.
- Lead-time reduction to improves business capacity – allows for quicker response to customer demands, reduces inventory holding costs, and enhances overall agility in meeting market requirements.
Plant
- Better workplace organisation – crucial for improving efficiency, reducing errors, and enhancing employee morale, leading to increased productivity and better overall business performance.
- Equipment assessments – systematic evaluation of machinery and tools in a business to determine their condition, performance, and maintenance needs, important for ensuring operational reliability and minimising downtime.
- Preventative maintenance planning – a proactive strategy aimed at preventing equipment breakdowns and failures, ensuring consistent operational efficiency, reducing repair costs, and extending the lifespan of assets, crucial for minimising downtime and sustaining business continuity.
- Better asset management – essential for optimising resource allocation, reducing costs, improving productivity, and ensuring the long-term sustainability and competitiveness of the organisation.