What is productivity? Why is increasing productivity important? In the context of a specific job, preferably from your own experience, discuss at least three ways that managers can improve productivity.
What will be an ideal response?
Productivity is the ratio of outputs to inputs, or (goods + services)/(labor + capital + materials + energy). It is important to companies because it determines their profitability and survival. It is important to the nation because the higher productivity is, the more available goods and services are to us, and the higher our standard of living. Based on the definition, managers can raise productivity by making substitutions or increasing the efficiency of any resource.
Managers can also do the following:
Establish base points, set goals, and measure results.
Use new technology.
Improve the match between employees and jobs.
Encourage employee involvement and innovation.
Encourage employee diversity.
Redesign the work process.
Students should also give an example of three of the six actions.
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