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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
This article has been viewed 79,971 times.
The economic strength of a country is often determined by its labor productivity. Labor productivity is the volume of GDP (gross domestic product) per hour per unit worker. In Iayman’s terms, labor productivity is the value of work completed by a worker in one hour. [1] X Source of Research As the volume of work completed per hour increases, overall productivity levels will be higher, indicating a healthy and growing economy.
Steps
Calculating Labor Productivity
- Usually, you don’t have to calculate the above value yourself (this is too hard). Instead, you can find your own pre-calculated number.
- You can find the GDP of most countries online. Start by searching for the country’s name and the keyword “GDP” on Google. You can also find GDPs for many countries on the World Bank’s online site. [3] X Research Sources
- Make sure you find the GDP for the period you’re calculating (for example, a quarter or a year).
- Remember that a country’s GDP, even if it’s released only after a quarter, can be expressed as a number that reflects a year’s worth. In that case, divide a year’s worth of numbers by four to get a quarter’s index.
- For example, if the average number of hours worked is 40 and the country has 100 million people in the workforce, the total number of hours worked would be 40 x 100,000,000 or 4,000,000,000.
- In the United States, you can find basic statistics on the Bureau of Labor Statistics (BLS) online site. [4] X Trusted Source US Bureau of Labor Statistics Go to Source[5] X Trusted Source US Bureau of Labor Statistics Go to Source
- Labor productivity in other countries can be found online in relevant economic studies.
- For example, if a country’s GDP is 100 trillion VND and labor hours are 4 billion, labor productivity will be 100 trillion VND / 4 billion or 25,000 VND per hour worked.
Calculating Labor Productivity per Unit of Employee
- Fortunately, GDP is a number that has been pre-calculated for you and published by one of the government agencies.
- GDPs of many countries are available online. Search for the country name with the keyword “GDP” on Google. You can also find GDPs for many countries at the World Bank’s online site. [7] X Research Sources
- Find the GDP value corresponding to the period to be calculated (eg a quarter or a year).
- If quarterly GDP values are published as a figure that reflects a year’s worth (as is the case in the United States), divide that number by four if you need a quarterly value.
- In the United States, you can find basic statistics on the Bureau of Labor Statistics (BLS) website online. [8] X Trusted Source US Bureau of Labor Statistics Go to source For other countries, you have to do a Google search.
- For example, if the GDP of that country is 100 trillion VND and the total number of employees is 100 million, labor productivity per unit worker will be 100 trillion VND / 100 million or 1 million VND per unit. worker position.
Advice
- The two most common ways to raise the productivity of a country or a people are based on technical progress and improvements in worker performance.
This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
This article has been viewed 79,971 times.
The economic strength of a country is often determined by its labor productivity. Labor productivity is the volume of GDP (gross domestic product) per hour per unit worker. In Iayman’s terms, labor productivity is the value of work completed by a worker in one hour. [1] X Source of Research As the volume of work completed per hour increases, overall productivity levels will be higher, indicating a healthy and growing economy.
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