Consulting firms are challenged daily with solving organizations’ complex problems. With their flexible mindsets and adaptability to new industries and markets, consultants are equipped with the skills to match any obstacle with a solution. Consulting firms’ exposure to countless organizational problems and viable solutions gives them an edge in understanding the factors that increase productivity. A productive team consists of engaged and organized employees; they can effectively communicate and inspire one another to output their finest work. However, reaching this ultimate level of productivity is no simple feat; it requires a nearly perfect orchestration of a company’s organizational structures.
$7 Trillion Is Lost In Productivity
According to research conducted by top consulting firm Bain & Company, more than 20% of a company’s productive capacity is lost to unnecessary organizational structures, including ineffective meetings or needless communications. The industry refers to this inefficiency as “organizational drag.” To elaborate, time spent generating solutions for clients or producing results is consumed by unproductive tasks. Re-engineering how a company operates productively may start with eliminating organizational drag. Unfortunately, there are concerns beyond this drag that limit productivity. A study from the Gallup polling firm revealed that only 13% of the global workforce is highly engaged. This number becomes even more frightening when considering the monetary waste from this lack of engagement: Gallup reports that approximately $7 trillion is lost in productivity. Even though organizational drag and employee engagement appear as two separate concerns, Bain’s solution for eliminating the drag addresses engagement by inspiring employees.
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Proven Methods Of Improving Productivity
Bain’s research suggests that strengthening a company’s current resources rather than removing the less useful can effectively boost productivity. When considering the resources of productivity, employees are at the forefront. The value an employee brings to a company is not only their technical skill set and experience, but also their motivation. A brilliant individual will have little to offer in terms of creative output and collaboration if they are not inspired by their work. Further research from Bain highlights the difference in productivity between employees who are inspired by their daily work and those who are simply satisfied. Given that an inspired employee is 125% more productive than a satisfied one, a company can expect to see one inspired employee output the same amount of work as 2.25 satisfied employees.
How To Inspire Employees To Be More Productive
The next step to maximize productivity is to alter the mindset of those who are not driven by the company they work for or the work they complete. Make apparent the goals of the company that can resonate with every employee. Take a look at the culture or work environment the inspired employees may thrive in. Another top consulting firm’s approach to solving a lack of productivity connects to aspects of corporate culture and company involvement. McKinsey & Company points out that knowledge workers may struggle to work at the most efficient level because their work consists of unpredictable, less stream-lined activities. Rather, they complete different tasks that perhaps each require a new approach. Informing employees, whether that be new hires or seasoned team members, of their company’s past successes and failures can reveal their values, potential improvements in managerial structures, and corporate culture. Employees can then personally connect to these shared insights once they gain a better understanding of the type of organization they work for.
According to William K. Bacic, a managing partner at premier accounting firm Deloitte, engaged employees are less likely to voluntarily leave a company. In other words, these employees are more committed to their work and the work they output for their organization. From an alternative perspective, engaged employees may not inherently feel this commitment to their company from day one. Rather, it could be a collaborative environment, alternative meeting methods, and supportive management that encourage an employee to truly feel a part of their organization. Many of the most exclusive consulting firms, including Bain, McKinsey, and Deloitte, look to hire employees who are passionate about their organization, fostering valuable employee engagement from the start. Therefore, it is absolutely necessary to equip managers or team leaders not only with the proper training and skills, but the best technological tools. A tool for productive meetings is the perfect start to best engaging all team members. deepTalk’s generated automated meeting minutes and transcription organizes your team with clear tasks, deadlines to meet, a thorough understanding of the addressed topics, and more. deepTalk allows teams to work collaboratively and boost productivity during meetings.
The Rewards Of Productivity
Striving for productivity has a clear payoff for those who achieve it. Bain has found that the top performing, highest-profiting companies are 40% more productive than others. Additionally, Gallup reports that the top 25% of companies in terms of employee engagement achieve 17% higher productivity, 20% higher sales, and 21% higher profitability. Employee engagement is tied directly to proper management, the same way developing a productivity mindset is. Although the road to achieving maximum productivity consists of perhaps endless organizational changes, implementing effortless technological tools to promote engagement is one major step towards success.