5 things you might not know about Productivity
Jan 19, 2018
Category: General / Posted by: pjones
Reduced productivity is one of the biggest issues facing the UK economy. Over the course of the next few weeks, we're going to be taking a closer look at the factors behind low productivity, the impact of reduced productivity, and what can be done to improve it, particularly in the Logistics sector.
Here's 5 things you might not know about Productivity.
1) In the UK, GDP (Gross Domestic Product) is below that of countries including Germany, France and USA. In 2016, the UK’s output per hour was 15.1% below the average for the rest of the G7 advanced economies, whilst output per worker was 15.4% below the average for the rest of the G7.
2) One of the core reasons for low productivity is poor employee engagement. The UK ranked 18th out of 20 leading countries in a recent survey of employee engagement involving 7,000 respondents.
3) The same survey found that employees believe they would be up to 45% more productive if they were doing a job they loved, and 28% more productive with better training. A 45% increase in employee productivity could be worth up to £340 billion per year to the UK service sector, and a 28% increase would be worth around £212 billion.
4) The University of Warwick conducted a study that found that happiness makes an employee 12% more productive. Keeping employees happy by providing them with new opportunities and a variety of stimulating roles can improve employee happiness and increase productivity.
5) Lack of sleep is also believed to be a factor in poor productivity. Sleep depravity is estimated to cost the UK economy £40 billion a year – about 1.86% of the country’s GDP. Increasing nightly sleep from under six hours to between six and seven hours could add £24 billion to the UK economy.
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