how to measure workplace productivity
1. Daily Check-In Strategy:
The strategy involves Monitoring daily updates on what’s going on with the team, employees, targets, and tasks.
2. Measuring Team Productivity:
Monitor weekly/monthly reports, quarterly reports of the teams.
Prepare statistics based on:
1. How good is your team functioning?
2. How happy are the teams?
3. Is everyone in the team contributing equally?
4. Or a single person carrying entire team?
5. What troubles they have as a team? Etc.
Do Reviews Based on:
Team’s Task-completion
Time-Management.
Overall performance.
Team’s leadership.
Monitoring Team-productivity is vital for measuring workplace productivity.
3. Measuring Individual productivity:
Assess factors like employee total working-hours, how many hours were productive out of total working-hours, employee skill set, etc. As a company, consider the non-essential tasks, irrelevant routines/meetings, and other distractions that employee experience in the workplace.
4. Benchmark Strategy:
Set benchmarks. Or, you can take previous benchmarks, Industry benchmarks, and market benchmarks. We can also set the Benchmarks to teams, individuals targets to measure productivity levels.
5. 360° Feedback/Peer Assessment Strategy:
Establish peer assessment criteria formally. It helps in avoiding personal judgments, grudges, or emotions to overtake while assessing a fellow employee.
6. Measuring Output:
Output can be in terms of sales, team/individual performance, target-achievements, reaching-goals, etc.
Analyzing quality over quantity is important. Also, consider both quality and quantity depending upon situations.
Decoding the output-levels will support you in measuring workplace productivity.
7. Finances:
Analyze the total revenue generated, profits and loss, money spent on employee’s betterment.
Consider overall financial goals. For example, you may have key financial goals for the month, or year, or for others.
Financial analysis is important to measure workplace productivity.
8. Task-Completion Rates:
It is difficult to determine how much time it takes or how much time is right for completing tasks exactly. It will involve various factors.