Boosting Worker Productivity
Are you worried about declining worker productivity at your company? You’re not alone. In recent years, we’ve seen a significant drop in productivity, with this year marking the first time since 1983 that three straight quarters of year-over-year drops in average productivity per worker have been recorded. This decline in productivity is a concern for employers, as it can impact the bottom line.
But don’t panic just yet – there are steps you can take to boost productivity and improve business outcomes. One way to increase productivity is by focusing on worker engagement. Engagement is not the same as happiness or contentment but is instead tied to producing improved business outcomes. A recent study found a strong link between engagement and performance outcomes such as retention, productivity, and profitability. In fact, companies with highly engaged workforces experience 21% higher profitability and 17% higher productivity compared to those with low engagement.
So, how can you increase engagement at your company? One way is through better communication. By actively listening to your employees and seeking input from them, you can better understand their needs and concerns. This not only helps employees feel valued but also can lead to improved productivity. “Companies do not spend enough time asking workers what they want; they try to guess what they want, and they guess wrong,” says Diane Swonk, KPMG Chief Economist. By actively seeking input from your team, you can create a more engaging and productive work environment.
Of course, there are other factors that can contribute to declining productivity, such as:
- Pre-pandemic events
- Increased stress and burnout
- Financial worries
- Challenges of remote and hybrid work
By addressing these issues and prioritizing the well-being and engagement of your workers, you can boost productivity and drive better business outcomes. Don’t let declining productivity get you down – take action to improve it today.