According to the lead researcher, Dr Christina Boedker, high-performing workplaces are up to 12 per cent more productive and three times more profitable.
The management practices that do best, according to the study, are being highly responsive to changes in customers’ and suppliers’ circumstances, encouraging high employee participation in decision-making, achieving on-the-job learning through mentoring and job rotation, making effective use of information and technology and attracting and retaining high quality people.
Ross Gittins, Australia’s respected and clear thinking economics columnist for the SMH, reports on the government sponsored research into productivity by the Society of Knowledge Economics (SKE).
Ross notes that only 15 per cent of the research sample exhibit the characteristics of such “enlightened” business practices. I imagine that the other 85% are still waiting for bottom line ROI on the minutiae of individual practices, tools or technologies to be proved – symptom or cause do you think?