Suppose you manage a company.?
Answer:
The standard answer from economic theory is that labor productivity can be increased in three ways. First, provide your workers with more capital and machinery, for example, robots that can take the place of some workers in doing simple tasks. Second, using research and development, find new more efficient ways of manufacturing the product that requires less labor. Third (though perhaps this should be first), find ways to increase production without increasing either the amount of capital available per worker or using new technology.
The third way is also referred to as reducing "X-inefficiency," in other words, working more efficiently with what you have. Many companies in poor countries are high cost and inefficient not because they lack capital equipment or lack access to better technology. They are simply badly managed and fail to adopt better methods of production.
The standard practices are :
1. Give incentives for enhanced production,
2, Enforce discipline where standard output is lagging behind, and
3.Make up any deficienceies from management side inputs into the product cycle.
Make a thorough assessment of the situation in the factory or point of production..Then determine the type and extent of intervention.
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