3. HR's Push for Productivity
Creating a high-performance workplace takes flexibility, training, and the right incentives. HR also has to pay attention to the toll absenteeism and stress can take on productivity.
Productivity in
the United States is growing at its fastest continuous two-year pace since
1949-51, according to recent figures from the Bureau of Labor Statistics. For
businesses, the 4.7 percent average annual rate for 2001-2003 is predicated on
a 4.9 percent growth in 2001-2002 and a 4.5 percent increase last year. Last
year, output grew by 3.7 percent while companies scaled back on hours by 0.8
percent to produce the end result of 4.5 percent. With hourly compensation
lagging at a 3.3 percent increase, unit labor costs contracted by 1.1 percent,
placing American businesses in better shape to compete in the global economy.
Percent change from previous year
SECTOR
Productivity
Output
Hours
Hourly compensation
Real hourly
compensation
Unit labor costs
Business
4.5
3.7
-0.8
3.3
1.0
-1.1
Nonfarm business
4.4
3.7
-0.7
3.2
0.9
-1.2
Manufacturing
5.1
0.1
-4.8
5.5
3.2
.04
Durable
7.7
2.0
-5.3
5.4
3.1
-2.1
Nondurable
1.9
-2.2
-4.0
5.9
3.5
3.9
Source: Bureau of Labor Statistics. Revised
fourth quarter seasonally-adjusted annual rates of productivity change as
measured by output per hour of all persons.
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