Question

What is your plan to develop corporate-level strategies for increasing productivity without offering more money as a motivational incentive?

Answer 1

In simple terms, productivity can be defined as how well an organization turns its inputs such as capital, labor, machines, and material to produce an output that is goods or services. However, today the concept of increasing productivity is no longer limited to increasing output by offering more input. Today, it's all about working smarter. Let us analyze a few strategies that may help in increasing productivity without offering more money as a motivational incentive.

1) Focus more on web-based technology. For example, e-purchasing or smart inventory control system. Technology helps you in getting a more competitive edge as you are no longer limited to local merchants. This may help you in reducing costs, achieving greater efficiency and preventing customer service problems.

2) Review your existing setup periodically. Always analyze what is important for the business. Ensure that the processes meet the vision, mission, and goals of the organization. Understand the links between various steps of the production process to identify and eliminate waste throughout the process. There must not be any glitch in the material and information flow.

3) Apply a continuous improvement approach. Improving productivity is not a one time job. It is an ongoing activity. You must assess and evaluate the competition and the best practices of the industry. Develop plans and strategies accordingly for your organization. Take a step-by-step approach to understand your priorities. Take suggestions for improvement from your employees and focus on gradual improvements. Small improvements can also lead to major productivity increase. Outsource the processes which are consuming your efforts and money without giving proper results. Outsourcing can be a cost-effective way to make productivity gains.