Productivity is the key to unlocking business growth. But how do we actually achieve it?
Natasha Egré, Head of Client and Product Development for Change and Project Management firm, Marbral Advisory, delves into productivity and investigates some staggering statistics.
At Marbral Advisory, we are obsessed with productivity! And for good reason too. Did you know that, based on Jersey’s working population alone, the Jersey Business Productivity Survey 2023 estimated 500,000 working hours a week are considered unproductive? Think of what we could achieve if we could convert even a fraction of this into output!
Growing productivity allows businesses to produce more goods and services. This then creates higher wages, supports economic growth, restrains inflation, and increases tax revenues. As a result, government is then able to provide a greater range of essential services. We all know it makes sense, but how do we do it?
According to Jersey Business statistics, the largest potential for improvement in productivity lies in:
- Process Efficiency
- Employee Engagement
- Good Leadership
Power up process efficiency
Marbral Advisory is commissioned to conduct process and business efficiency projects every year. In one such project, our team not only identified numerous time efficiencies but also saved the client £1m in their next annual budget.
This was achieved through evaluating the current ‘as is’ models and processes using a variety of methodologies including time and motion assessments, Lean Six Sigma DMAIC assessments and 5 Whys.
We also developed a group of change agents within the business to own the realisation of savings and benefits identified in the new process designs. Cost savings were estimated with input from finance teams to calculate cashable and non-cashable savings.
Marbral then worked with the teams to implement the new processes focusing on the highest value, lowest complexity processes initially, which allowed for early release of cashable savings. Over the course of 6 months, the new processes were implemented, and the £1m of savings realised by the next annual cycle. The change agents who were up-skilled continue to deliver efficiencies for the organisation today using the methods learned during the project.
Embrace Employee Engagement
Employees who are engaged with their work and feel a sense of commitment to their organisation are more productive. They are efficient and driven toward organisational success.
Research by Gallup reveals that companies with higher employee engagement, experience 21% boost in productivity compared to those with lower engagement levels.
Anova is an amazing employee engagement survey and analysis tool that helps organisations to create a positive workplace culture that drives organisational success and employee productivity. Check it out!
Inspire Through Leadership
Both collective and individual leadership can have an exponential impact on productivity.
Good leaders, over time, create environments where their teams can excel. Bad leaders, over time, can take a good team and de-motivate them to the point they are no longer productive.
To be a great leader you need to motivate and inspire. You should not be getting lost in the management weeds. Being agile is also essential to meet the challenges of the business, whilst also ensuring you give your team the leadership they need in challenging situations.
By creating an environment of open communication, empowering employees with decision-making authority, and leading by example, significant productivity and profitability gains can be achieved.
Marbral Advisory delivers business strategy, efficiencies, project and change management, and training for clients. If you are interesting in finding out what Marbral can do for your organisation, get in touch with Natasha, or read some more compelling case studies here.
