How can firms raise the productivity of its labour?
- Training workers to improve their existing skills & learn new skills.
- Rewarding increased productivity with performance related pay & bonus payments.
- Encouraging employees to buy shares in their organization. Improved productivity will help to raise profit & pay higher dividend on shares.
- Improving satisfaction-for example, by improving working environment, making job more interesting, involving workers in business decision making etc.
- Replacing old plant & machinery with new, more efficient machines and tools for workers.
- Introducing new production processes and working practices designed to continually reduce waste, increase speed, improve quality and raise output in all areas of a firm. This is often known as lean manufacturing but its principles can equally apply to the production of service.
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