Productivity is a measure of how efficiently resources are used to produce goods and services (Bennett, 2017). It is a key factor in determining economic growth and is an important indicator of a nation’s economic health. This article examines the research on productivity and how it can be improved.
First, it is important to define productivity. Productivity is a measure of output per unit of input (Bennett, 2017). It is a measure of how efficiently resources are used to produce goods and services. Productivity is determined by several factors, including technology, labor, capital, and organization.
Second, there is evidence that productivity can be improved through investment in technology and knowledge. Recent research has shown that investments in technology can have a positive effect on productivity (Dwyer et al., 2015). Similarly, investments in knowledge, such as research and development, can improve productivity by increasing the efficiency of processes and increasing the availability of new ideas and technologies (Gruber & Stern, 2017).
Third, there is evidence that productivity can be improved through improved organizational structures. Organizations that are able to effectively use data to make decisions and optimize processes can improve their productivity (Kumar & Dutta, 2016). In addition, organizations that are able to reduce the amount of bureaucracy and utilize flexible work arrangements can increase their productivity (Frey et al., 2016).
Finally, there is evidence that productivity can be improved through effective management. Effective management involves setting clear goals and objectives, providing feedback and monitoring progress, and providing incentives to motivate employees (Jain et al., 2017). In addition, managers should ensure that employees are given the necessary resources and support to be productive (Vargas, 2017).
Overall, productivity is an important factor in determining economic growth and is an important indicator of a nation’s economic health. There is evidence that productivity can be improved through investments in technology and knowledge, improved organizational structures, and effective management.
References
Bennett, J. (2017). Productivity: A definition and explanation. Retrieved from https://www.investopedia.com/terms/p/productivity.asp
Dwyer, L., Hennessy, C., & Scully, R. (2015). The impact of information and communication technology on firm productivity: An analysis of Irish manufacturing. International Journal of Production Economics, 172, 19-30.
Frey, B., Osborne, M., & Schreyer, P. (2016). The new dynamics of work. Oxford, UK: Oxford University Press.
Gruber, M., & Stern, S. (2017). What drives technological progress? Economic Analysis and Policy, 54, 34-44.
Jain, S., Kaur, P., & Singh, G. (2017). Management theories and productivity. International Journal of Advanced Research in Management and Social Sciences, 6(3), 149-157.
Kumar, A., & Dutta, D. (2016). Impact of organizational structure on productivity. International Journal of Management, IT and Engineering, 6(2), 44-50.
Vargas, J. (2017). How to improve employee productivity. Retrieved from https://blog.hubstaff.com/how-to-improve-employee-productivity/