Why Productivity Matters

People have constantly said to do things productively. But what does being productive mean? For businesses, productivity is all about finding ways to be efficient so that they can utilize their resources economically. Nowadays, businesses focus on achieving more without realising if they are doing it correctly.

By understanding the importance of becoming productive, they can achieve “More for Less”. This could mean finding ways to be efficient in order to maximise the time invested on doing something. However, businesses should first understand the importance of productivity before making changes to their daily operations.

Why Productivity Matters

Being productive saves resources and frees up time for other things to be done. That is why many people plan their schedules such that they will know what needs to be done and how they will allocate their time to accomplish their work.

For businesses, it is typical for them to focus on hiring more employees to ensure that their operations flow smoothly. However, this does not always translate to better outcome and instead may result in higher costs for them. Overstaffing will become an issue if the employees are not motivated to do their work.

The 6-Hour Work Week

There are some companies that push for productivity by taking on a new perspective. For example, in Sweden, employers have introduced a “six-hour” work day for their employees, which resulted in employees being happier and motivated to finish their work in time and enjoy their private time. These companies reported having lower turnover rates and an increase in profits.

Hence, it may not always be the case of employees not doing their work as fast and therefore, requiring more staff. It could be the lack of motivation and long working hours that causes the staff to be unproductive. Therefore, by giving them more personal time, the employees became more inclined to finish their work on time.

Being Busy does not always equate to being productive

Coming across a busy restaurant, one might think that the business is doing well. However, there may be a chaotic scene with customers constantly asking for their orders, or questioning why there are no available staff attending to them.

After all, busy restaurants without good service crew will result in lower satisfaction level. It might be the result of inefficiency and bureaucracy that created a distorted perception of a successful business. By empowering individuals with simple decision-making may improve the productivity of a business as the red-tape is reduced.

Using technology, it may enhance and boost productivity as many processes can become automated. By providing better service, employees become more attentive of their customers and gain their loyalty.

The push for Productivity in Singapore

Governments around the world have been drawing up macroeconomic policies to encourage productivity within the economy. In Singapore, there are various schemes available to help businesses boost their operations with productivity management. Administered by various Government entities, they include the Innovation & Capability Voucher (ICV) or Productivity Innovation Scheme (PIC) and others.

Since governments recognise the need to constantly improve the economy, productivity is essential in achieving this change. As such, these monetary incentives alleviate the costs involves for businesses while they adopt new technology for their operations.

In essence, it is important to remember that being productive saves time and resources. This allows businesses to focus on creating value for both their employees and customers. With a better working environment, it can translate to higher profits for the company while keeping their cost low when they search for productive ways to operate. With this, companies can achieve “More for Less”.