Productivity is a measure of output a business produces compared to input. Productivity is key for economic growth nationally as well as within businesses as it allows higher levels of goods and services for the capital and labour etc inputted.
The Office of National Statistics have launched an interactive productivity benchmarking tool. The purpose of which is to help businesses better understand their productivity, and how they compare to other businesses,This will let you calculate the productivity of your own business over time; and compare your performance to other businesses in your industry. You only need three pieces of information: your turnover (or sales), your purchases of inputs (excluding investment), and how many people you employ.
By entering some key figures the tool immediately calculates your company’s gross value added per worker for a given year. This can then be compared to your specific industry to understand which percentile your business would be within.
Be The Business have launched a self-assessment tool to allow companies to compare against best practise. You will get instant feedback and an action report that provides tips and guidelines on your company’s weaknesses. The benchmarking facility was developed following extensive review of evidence around what drives greater productivity for firms across sectors.
The tool allows you to compare against four key themes. Leadership, Employee Engagement, Future Planning and Digitisation. Each survey is due to take 6-8 minutes and you just need a quick registration to begin.
You can also sign up for the HeadsUp! programme to receive free productivity advice. This is either through local workshops or online web tools, alongside discounts on digital tools. The training provided helps business owners become more productive, save time and grow their business faster.
HeadsUp! is a government-funded initiative run by Enterprise Nation in collaboration with technology partners and experienced trainers.