New Zealand has one of the lowest productivity rates in the OECD – measured by output against hours worked. The Productivity Commission reported in March 2020 that Kiwis worked an average of 34 (34.2) hours a week for $68 output//hour against 32 (31.9) hours a week and $85 output in other OECD countries.
Investment in technology is a big driver in productivity but there are other, more accessible drivers too.
When improving productivity it’s important to consider three things;
Firstly, measurement – because you can’t manage what you don’t measure
Secondly, what levers can you pull in your business? Could be decreasing or increasing specialisation, adding training, changing toolsets, improving time management, changing your service-product mix or any number of other things
Thirdly, incentives – because the right team with the right tools, the right direction and the right incentives can achieve wonders.
This was 60 seconds with Noel MacDonald – A Business Success Partner with Oxygen8 Consulting.
If you’d like to know more – contact Noel: noel@oxygen8.co.nz
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