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Productivity

At the corporate level, productivity is a measure of the efficiency of a company’s production process; it is calculated by measuring the number of units produced relative to employee labor hours or by measuring a company’s net sales relative to employee labor hours.

Productivity is also used to measure efficiency, aid in economic planning and forecasting, and assess the uses to which resources are being put. As to the first of these, the efficiency of industrial operations, for instance, may be evaluated by the yardstick of output per worker or machine, and such a yardstick may also provide the basis for supplemental or premium payments for workers. When pay is based on piecework alone, labour productivity becomes the sole determinant. It may also serve as a standard for grading and evaluating any group of workers performing common tasks, distinguishing the more from, the less productive.

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