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GDP per hour worked 1970–2022 (2015=100) Country 1970 1980 1990 2000 2010 2015 2020 2022 Australia 51.4 60.3 66.0 80.9 92.2 100 103.1 103.3 Austria 83.0
Workforce productivity is the amount of goods and services that a group of workers produce in a given amount of time. It is one of several types of productivity that economists measure. Workforce productivity, often referred to as labor productivity, is a measure for an organisation or company, a process, an industry, or a country.
Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. [1]
ILC produces internationally comparable data on productivity, calculated as output per hour worked; unit labor costs, calculated as hourly compensation per unit of output; and related measures. The data cover the manufacturing sector and, for selected series, also the whole economy for 19 countries.
There are many factors that influence workforce availability and therefore the potential output of equipment and the manufacturing plant. OLE can help manufacturers be sure that they have the person with the right skills available at the right time by enabling manufacturers to locate areas where providing and scheduling the right mix of employees can increase the number of productive hours.
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. [1] Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally ...
This could be measured by striking a ratio between the monetary value of output produced, and the number of hours worked to produce it (or the number of workers who produce it). This is called a "output/labour ratio". The ratio "GDP per capita" is also used by some as an indicator of how productive a population is.
Output work can only be used in limited situations when the employer doesn't know which hours the worker does (e.g. some home workers). If an employer sets the working hours and the workers have to clock in and out, this counts as time work, not as output work. The fair rate is the amount that allows an average worker to be paid the minimum ...