australian business less competitive
Australia's economic growth has exceeded that of most OECD countries over the past decade. However our performance has largely been influenced by the mining sector and price of commodities. Our relative unit labour costs have increased faster than in other developed nations.
The conseqence is that manufacturing plants are closing down and roles are being off-shored to other countries where work can be done more cheaply and with greater efficiency. Making large groups of people redundant has become 'business as usual'.
We cannot afford to continue doing this when there is so much latent capability in our workplaces. We need to encourage innovation. That requires a workplace that cultivates and grows talent.
With rising costs, increased competition and customers demanding higher and higher levels of service at a reduced price, can you continue to operate with the majority of your workforce not fully engaged?
'The good work' helps provide a compelling lens for the creation of new products and services to benefit customers and serve society. This focus enables the identification of new trends and emerging markets. Ingredients necessary for sustainable business growth in a competitive market.
Under-utilised or latent capability translates to a significant opportunity for improvements and value creation. Effectively accessing this capability enables personal, professional and business growth and can avoid other cost-cutting strategies like outsourcing and redundancy. In the midst of increased workplace pressures, however, the challenge is how to harness further contributions without increasing the risk of workplace stress and burnout.
If you are interested in arguments to support a business case for greater engagement in your enterprise click here.