We all know that productivity growth has slowed over the last decade. There have been numerous shocks to the global economy and trading system - the biggest being the financial crisis and the COVID epidemic - and catalysts such as advancing technology have lost their impetus as dramatic change (in the technology) has slowed. Of course some predict AI will spur a new growth phase but simply waiting for this to happen is too passive an action for these troubled times.
So, what are we missing In our search for solutions?
Well, we do seem to have forgotten the human factor. The global challenges mentioned above have significantly changed the attitude of many employees to their work. Work is now simply seen as a transactional process of earning enough to live on and provide the next holiday. The number of those seeking to pursue longer-term, meaningful careers has declined. We need to re-motivate and re-excite those dulled by COViD, by working from home, by the continuing fear of redundancy.
Secondly, the reliance on technology to provide productivity growth means we have forgotten to concentrate on the basics- on the regular, ongoing, consistent search for improvements to products and processes.
If we can get our employees involved in the search, we 'kill two birds with one stone'. We get increased engagement of the workforce and we get more incremental improvement.
This takes real involvement of the senior team - and it needs people versed in productivity principles and improvement tools and techniques to work with the workforce to help them bring about improvement. (Productivity initiatives are always more successful and more sustainable when they are something done WITH the workforce, rather than TO the workforce.)
It is not 'rocket science' but nor is it easy.
So, I suggest you commit now - and start immediately.