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Productivity: Key to innovation and prosperity

Md. Abu Abdullah
INNOVATION and productivity are needed for prosperity. What do we mean by productivity? Business executives, government leaders, economists are always in discussions to determine the key enablers of productivity. People often think that productivity is the concern of the private sector, and why they should invest to improve their productivity and competitiveness. Some say they invest for producing cheaper and better quality products and services. Others say improving productivity is about giving workers the tools to do their jobs more efficiently and investing in technology to make them more effective.
A fuller understanding of productivity is critical for making decisions and taking action. It is also key to harnessing people's support and contributions to productivity initiatives that increase our competitiveness. Women empowerment contributes towards economic prosperity. Higher incomes for women lead to higher household spending - a key pre-requisite for faster long term growth. Employment of women provides opportunity for increasing creativity, innovation and productivity.
How does increased productivity lead to prosperity? First of all, increase in production leads to increase in flow of goods and services in the economy, as a result of which consumption rises in the society. Therefore, the size of the market increases, inducing firms to invest, which leads to further economic growth and development.
People, process and technology are the main factors of productivity. We need leaders with clear vision who can inspire others to develop and support high performing teams of diverse, skilled and dedicated employees. Our processes must be streamlined and standardised. We must use latest technology to improve client access and service delivery. Strategic leadership of people, proper production process and proper system are needed for higher productivity.
Today, in the context of globalisation, most people's lives are ruled by the wish to became more efficient, more innovative, more imaginative, but not truly creative. Nowadays, economic development is influenced by complex international politics and media, so increased productivity is not key to real prosperity. World leaders profess increased productivity and enhanced distributive justice. People exercise minds and bodies at work in the quest for better productivity, but they suffer in the form of psychological stress and social isolation. Increased productivity can lead to lasting prosperity only if it is ruled by a genuine national ideology that respects the economic basis of the good life and the psychological and social cost of increased production.
Healthy workplace culture supports performance, productivity and innovation. The company must be clear about what it wants, provide frameworks on where to work, and then try to use the manpower with their creativity. Entrepreneurs could learn from best practices of other successful and competitive companies. An entrepreneurial mindset and good practices focus on customers and results.
Higher productivity largely depends on the relationship between management and workers. Employees are more productive when their ideas are heard and when they participate in making decision and get recognised for their contri- butions. Hyundai and Toyota are examples of productive relationship between management and workers. They focused on creating an environment for success and meetingcustomers' needs.
High performing leaders make all feel that they are a part of their team culture, involve them in planning and decision making, and listen to their ideas. In terms of building capability for higher knowledge, most organisations follow mentoring, on the job training and higher education as a way for further development.
Employee satisfaction, job satisfaction, healthy workplace, higher profitability create a conducive environment for higher productivity. Healthy workplaces help recruitment and retention of talent, and better wage paves the way for distribution of wealth. Insufficient investment in people, lack of research, ineffective management, and lack of leadership are the main obstacles in achieving better productivity. Poor management, outdated system, multitasking, employees dissatisfaction and long hours also lead to low productivity.
Increase in productivity wouldn't necessarily be good news, for the same reason slow rates of productivity aren't bad news. High productivity does not guarantee prosperity all the time. With everything being equal, higher productivity leads to higher income. But everything else isn't always equal. High price
The country's future depends on skills, innovation and productivity, therefore we need to address long term financial challenges and modernise the education system for our future prospects. We can move forward to create a forum where public and private sector leaders and academics can solve the puzzle of productivity and growth.
of scientific products and commodities sometimes allowed higher incomes despite poor productivity. If prices are falling, then higher rates of productivity may not be enough for profit. Making more of something, which people do not want to buy at a reasonable price, does not guarantee prosperity.
The country's future depends on skills, innovation and productivity, therefore we need to address long term financial challenges and modernise the education system for our future prospects. We can move forward to create a forum where public and private sector leaders and academics can solve the puzzle of productivity and growth. They can analyse private sector business behaviour, engage more people in industrial relation and business schools and focus on the latest technology and research for improvement. They must make sure that our products have the opportunity to develop with high quality and higher productivity and ensure prosperity for everyone.
Improving productivity needs to be addressed from a wider perspective, i.e. strategy, customer perspective, partnership, teamwork and employee management. Thus, many of our efforts toward enhancing productivity contribute to innovation and our country's prosperity.
The writer is Director General, Bangladesh Accreditation Board.