We commissioned the London School of Economics to find out exactly how you can be more productive in the workplace. Here’s what they found out.
What would you think if we told you that the keys to unlocking the power of productivity already exist within your organisation? Well, this is what Dr Alexander Grous of LSE has discovered. “The tools to enable better ways of doing things, appropriate technology adoption and a more flexible workforce are all readily available.”
So, the question becomes, how do you make the most of these and access this new, more productive way of working? The first part is to look at the challenges we face. One of the main points from the LSE report was that the UK has one of the lowest productivity rankings in all of the G7 countries. It puts us behind the US, France and Germany.
It’s important to understand how productivity is measured in order to work out your own formula to fixing it. Productivity can be broken down into the volume measure of output (goods and services) to a volume measure of input (labour and capital used).
“Unlocking the Power of Productivity” a new report from Vodafone and LSE, reveals three keys to unlocking productivity. While productivity varies on industry and region, these keys will help any business improve.
1. Evaluate and improve management processes.
When management embrace new ways of working then the benefits will become entrenched in the company. Better managed companies become more productive, so the first step is all about reviewing your management practices – look at how your leaders plan, deliver and utilise the firm’s assets.
2. Embrace technology
By adopting the latest technology, you’ll be able to survive and grow from external disruption. Investing in technology and innovations helps businesses stay competitive. By continually integrating the best information and communication technologies, you’ll be more resilient, productive and able to retain talented people.
3. Create an agile, flexible workforce
Technology gives you the ability to be more productive wherever you are. Flexible working has many benefits, and it’s becoming easier to integrate into your business thanks to modern technology like smart devices, cloud technology and roaming.With remote working comes a greater ability to be operationally flexible, and more able to step up and react to changes in the marketplace.
Focusing on these areas pays off. According the research of the LSE investing in technology and training the best management practices can raise productivity by as much as 20%.
If you want to take the next steps into the world of productivity then check out the report summary which you can download for free below.