Do you know the difference it would make to your bottom line if your team’s performance improved by just 10%?
Research by Drs. Zenger and Folkman aimed to quantify that impact. They found that for companies in which labour costs represent about 50% of their total expenditure, a 10% increase in productivity would double the business profits!
Where could you ‘find’ that 10% increase in productivity for your business?
- Make meetings more effective and efficient, a 60-minute meeting becoming a 54-minute meeting
- Delegate more effectively so that there is no need for the person to come back to ‘check the details’
- Increase accountability so that you don’t waste time chasing people or missing deadlines
- Ask open questions to ensure your message has been understood correctly, this avoids the wasted time and the frustration of rework or of constant interruptions ‘just to check’
Ask your team where they see opportunities to make productivity improvements. Then enjoy the huge impact these small improvements have on your bottom line!
