The Productivity Puzzle
The Productivity Puzzle Since the 2008 financial crisis, UK productivity has virtually flatlined with worker productivity falling to its lowest in two years. According to the Office of National Statistics (ONS), the UK’s productivity growth is still below the pre-crisis rate of 2%, which suggests our ‘Productivity Puzzle’ is far from solved. Productivity is a measure of the products and services the UK produces, compared to the resources used to produce them. Productivity has
Productivity Vs Efficiency
When discussing the topic of business improvement, terms like ‘productivity’ and ‘efficiency’ are often used interchangeably, however there is a significant difference between the two. Understanding both terms is key to achieving significant business growth, whether it is through focusing on efficiency or productivity improvements. Productivity A common definition of productivity is: ‘the ratio of the output of products and services to the labour hours devoted to the producti
