From 31.08.2020 onwards Sagar Sandesh e-paper has been transformed as bi-weekly issue and is being released on every Monday and Thursday
Cover Story of this week: Celebration of WORLD MARITIME DAY 2020- NMDCC Chennai host webinar - organised by CMMI, IMI(E) and The Nautical Institue






STUDENTS' CORNER - 65

Among other things, production planning includes the objective of improving labour productivity. Despite the best infrastructure and marketing team, without improving labour productivity the due benefits that must come to the organization will shrink or never register any improvement at all.

All the initiatives to improve the labour productivity must be taken to maintain the business profitability and face the ever growing competitive rivals and their challenges. Giving the labour the training they need is the first and foremost measure and it is the sole responsibility of the Human Resources Depart. The HRD personnel will periodically assess the kind of training the labour must be given to face the market dynamics as well the period of training. When productivity sees growth, it means more profit and a performing organization will share the profit with the labour in the form of increase in wages and salary and other concessions within the reasonable level of financial strength.

The training improves the efficiency which in turn impacts productivity positively and the end result is increase in profits for the company.

Labour productivity has some huge merits. First of all, it will help economy grow. There is a dynamic healthy market around with lots of people having more disposable money. Business and trade tend to flourish. There is another dimension to this fact of economic growth. Training improves the efficiency of the worker; it means that he is able to produce more goods or services with the same amount of resource. Where you were producing 4 dresses of the same size out of the materials supplied, with improvement in efficiency which means you have no or little wastage of raw materials and you are able to produce 5 or more dresses out of the same quantity of materials. Or, with less of materials, you manage to have the same number of dresses, 4; thus, efficient worker saves money, time and raw materials. If majority of the workers at a given time turn out like this more goods or services with the same quantity of materials, the market grows leading to heightened business transactions.

The business man will have more money since profits increase and the more money he has, the greater the possibility is he will invest more money in business which means more employment.

For the worker, it means more salary, more wages.

For the government, it means more tax revenue. More significantly, developed workforce of high competency places the nation on the international market in a very competitive position.

Thus, we can see that improved labour productivity not only benefits the individual but also the nation at large provided the workforce does not lapse into complacency.

We will see some more details in connection with the improved labour productivity.