Insights

Productivity in a company is in how fast an employee works, but let’s look at the exact definition of productivity. According to U.S. Bureau of Labor Statistics, “productivity is the measure of the output of goods or services versus the resources it takes, what you put in (input)”, so, the time, the money, and any resources it takes to take a product or service from raw material to finished product or a service from start to finish. 

So, if you think about it, how much time does it take to produce your product or service? How many resources are involved from start to finish of the process of this service or product?  How many people are involved in the process? How much do you pay them an hour to make this product of service? Knowing how much money it takes to bring a product from raw material to finished product is crucial for increased productivity in your company.  

So many people overlook productivity time in saving money because it requires a calculated look at your processes, and it may look ugly. However, time is money for any business for any company, so we need to pay attention in order to save money, save time and save resources with inflation in this time of recession.  If you are not looking at your processes to make them more efficient for increased productivity, then you are doing your company a disservice. You are wasting resources and you don’t even know it.