Productivity isn’t just a buzzword, but a bottom line signal. A Bain & Company study found that the fastest growing and best performing companies are at least 40% more productive than their competitors. Even more significantly, they have better profits: The operating margins are up to 50% higher than others.
There are some clear-cut initiatives you can take to make your organization part of these high-powered productivity businesses.
First, focus on the productivity of your organization as a whole, and less on each worker, as the latest research says even the most productive individual will not prosper in an unsupportive environment. The Bain & Company study found that a company loses more than 20% of its productivity to “organizational drag.” This means “the structures and processes that consume valuable time and prevent people from getting things done.”
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