In the 21st century, if there is one thing that determines how affluent and successful our economy is, it is productivity. The definition of productivity is an average measure of the efficiency of production. An organisation should be capable of effectively and efficiently producing more at every interval of business every year.
With Barbados still undergoing a recession, it is imperative that our focus is not only on Government to become more productive but for our private sector to join this process.
In order to increase productivity, there must a collaborative effort to adapt to the changes in the world. This is not to suggest we follow the crowd, but rather keep abreast with the relevant changes and become innovative.
The aim is to be proactive and not reactive in order to combat the lack of productivity.
The presence of absenteeism and presenteesim is increasing rapidly. Too many persons are absent either physically or mentally. No longer can we assume that monetary incentives are enough to motivate employees; individuals are intrinsically and extrinsically motivated.
Behavioural economics and psychology tell us that people react differently to situations and have different approaches to getting things done. Thus, it is important to understand individuals’ needs to promote productivity.
Some individuals would prefer more flexi-time. Can employers implement this? There are some jobs that do not require an employee to be present each day. In this era of advanced technology, we must aim to fully maximise the digital environment. Finding the middle ground between management and leadership therefore is essential.
Employers must be mindful of their demographic and try to tailor their approach if they are to achieve competitive advantage.
For the nation to achieve effective and efficient productivity, social partners must come together to affect sustainable change.
Let us all make this year of productivity the turning point for our businesses, households, and the economy at large. (SC)