Home Boost Business Lancashire logo

Productivity benchmarking - do you measure up?

Productivity

The office of National Statistics (ONS) has developed an online tool that aids businesses to calculate their productivity and compare their performance to other businesses in Great Britain. Productivity is a measure of the amount of output a business produces for a unit of input.

In its simplest form, labour productivity measures the amount of output produced per worker: higher productivity means that a business produces more output for each worker it employs. Productivity is important because it is a key determinant of living standards in the long term. Growing productivity over time means businesses can produce more goods and services per unit of input (labour, capital and others), permitting higher wages, supporting economic growth, holding back inflation and increasing tax revenues, in turn making it easier for government to provide essential services.

To help businesses better understand their productivity, and how they compare to other businesses, the ONS has launched an interactive productivity benchmarking tool. This will let you calculate the productivity of your own business over time; and compare your productivity performance to other businesses in your industry. You only need three pieces of information: your turnover (or sales), your purchases of inputs (excluding investment), and how many people you employ. To use the tool, fill in the fields below and click next.

 

So, how do you measure up? If you're looking to improve productivity, Boost has a range of business support programmes to help you. Start the growth conversation with Boost today by calling 0800 488 0057 or complete our contact form and one of our business advisors will contact you.

Share

You may also like...

Meet the Boost team: Tony Carr BOO_MTBT_TonyCarr
19th July 2024
 | 
Inspiration & Spotlight
Meet the Boost team: Tony Carr
Boost Flying Start business adviser Tony Carr, a professionally accredited Chartered Management Institute social enterprise specialist business adviser and mentor, talks about his role in supporting Lancashire businesses.
Key considerations for navigating a path to international success Key considerations for navigating a path to international success
16th July 2024
 | 
Inspiration & Spotlight
Key considerations for navigating a path to international success
For businesses seeking to expand into new markets and unlock untapped potential, global expansion should be regarded as an integral part of the growth strategy. We outline some below.

Sign up to our newsletter

For insights and events to help your business thrive.

In completing this form, you understand that Lancashire County Council (Boost) has a requirement to process your personal data. Lancashire County Council will only ever process your personal data where it has a clear lawful basis for doing so in full compliance with data protection legislation - UK GDPR and The Data Protection Act (2018). We will ensure the security and confidentiality of your personal data at all times. For full details of how Lancashire County Council handles your personal data please see our privacy notice here . Some information relating to this public funded project may be declared to third parties under the Freedom of Information Act 2000.
Funded by local govmt
Department for Trade and Business
Northern Powerhouse
Lancashire County Council

The website uses cookies.

Some are used for statistical purposes and others are set up by third party services. By clicking 'Accept all & close', you accept the use of cookies. For more information on how we use and manage cookies, please read our Cookie Policy.