How to measure and improve your productivity: 5 ways
To become more developed and productive, measuring your productivity is essential. However, this is not as easy as it sounds. Most of the time, even the company’s human resources department struggles to assess the productivity of each employee.
The number of hours worked is often cited as a measure of productivity, but what about the tasks performed? But none of them can tell you how productive you have been. Here are some ways to measure your productivity.
1. The input-output ratio
This is one of the easiest ways to measure your productivity, which most businesses use as the primary method. To get it right, all you need to do is determine your total output, for example, the total cost of goods produced or the cost of services.
Then find out what your entry is. It could be the number of hours you put in or the number of employees or team members who worked to produce this result. Finally, get the cost-effectiveness of the exit and entry.
For example, if you earned a total of $ 10,000 working 160 hours. Your cost-effectiveness ratio will then be 10,000/160 = 62.5. That means you’ve created $ 62.5 an hour, and that’s your productivity.
Now, if you start making more money in the same number of hours, your productivity increases. For example, $ 12,000 for 160 hours = $ 75 per hour. Your productivity has increased by $ 12.5 per hour. Most industries use this method to calculate productivity in the form of total products created, such as the productivity rate: 100 products per hour.
If you own a small business or work in a business, there are a number of ways you can measure your productivity. For example, you can use this ratio to determine how much money you earn or how many tasks you complete in a given amount of time.
However, it can be difficult to use this method for large companies or in complex work environments.
2. A full circle feedback method
This is a method of measuring productivity that you can use if you have a business with multiple employees or if you are working on a project with multiple team members.
All you have to do is get everyone to work on a particular project and ask each of them to give their opinion on the rest of their team members. It might seem a bit overwhelming at the moment, but it really works.
However, you may need to prepare your staff before you begin, so that everyone is only giving genuine feedback. No personal feelings are welcome during this session.
Once everyone has given their feedback, you can rate all the reviews for each individual and average them for the best results.
This strategy will help you determine the productivity of each team member and also assess the overall productivity of the team. Moreover, this way you can also advise if someone needs to work on their strengths and weaknesses.
3. Time and task tracking
If your team or employees are working remotely, the best way to measure productivity is to track progress through time management software. You can use it to track:
How many tasks do they accomplish in a given period?
How long do they take to complete each task?
How much exactly do you have to pay them (billable hours)?
In addition to that, it can also help your team members improve their productivity by:
Increase their efficiency
Improve their concentration
Reduce unplanned absences
Manage multiple projects at once
4. Profit is the measure of productivity
Profitability is directly related to productivity for anyone looking to make money. Despite your profession, the more profit you earn, the more productive you are.
If you are a student, you can measure your productivity by your performance, which has long-term benefits. You have a better chance of going to a good university and working for a good company if you get good grades.
If you are a business owner, you know that the better returns you get for your business, the more productive you have been during that time.
Likewise, if you run an entire organization, you know that your business can accumulate better profits with the increase in the productivity of your employees every day.
Many people, including students, employees, small business owners, and new entrepreneurs, are wasting their time dreaming, perfecting already completed tasks, or switching between multiple social media apps.
The best way is to limit this waste of time by trying different methods, and to invest those hours in thinking creatively or completing the tasks that remain on your to-do list the longest. It can help you dramatically increase your productivity.
5. The daily recording technique
Most people find it difficult to stay on track when working on a project. If you’re someone like that, or have such people in your business or team who do this often, consider a regular check-in strategy.
With this method, you don’t have to worry about the end result yet. Instead, you make sure that the person is working on this task every day and reaching a milestone. You can ask them, or be asked, several questions daily, such as:
What have you achieved so far?
How much work have you done today?
What is planned for tomorrow?
This way, it will become easier to complete tasks on time and stay productive throughout the day, week and month. You can use different methods to check your daily productivity, such as:
Google Meet, Zoom or Microsoft Teams
Time management software
Meetings in person
Measuring your productivity is as essential as being productive
If you need to change anything, the only way to start is by knowing your current location. The same goes for your productivity. Otherwise, if you have no idea your productivity, how can you expect to improve it over time?
So, measure your productivity using any of the suggested methods and find out how productive you have been all this time.
Time Doctor allows you to monitor your projects and your team’s productivity remotely. Here are its best features to use!
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