The global financial situation means that for the next few years:
Inflation will continue to be a challenge
Prices generally will remain high (a few exceptions)
Wages are generally going to increase (a few exceptions)
That means increased requirements for employee productivity to justify labor costs as part of organizational budgets. What was good enough 2 years ago is not good enough in the next 12 months, and expectations will ratchet up.
Practical management opportunities:
- Review the work portfolio – is everyone working on the highest value deliverables? What could be automated or eliminated?
- Create time/energy for new initiatives by ‘squeezing the regular work.’ Apply time pressure to complete work in 80% or 90% of the ‘scheduled’ time.
- Ensure meetings are worth the expense.
- Use tools as levers to improve efficiencies.
- Cross-train employees to improve resilience.
- Focus on fewer, better things. You have all the time you need, but you may not have the needed focus.
Reminder to self, you’re welcome to listen: Productivity is not measured by value of deliverables, not by busyness.
