Decreased labour productivity seen in Asia; India an exception: Report
NEW DELHI: Most Asian markets have seen a slump in labour productivity with the exception of India, Indonesia and Philippines where it has gone up in the last eight years, says a report.
According to a report from Workforce Analytics Institute (WAI), a partnership between The Conference Board and Mercer, Singapore and South Korea showed largest drops in productivity per person with 3.12 per cent and 2.34 per cent respectively.
India, on the other hand, had the highest gain at 2.71 per cent, followed by Indonesia at 0.68 per cent.
"It is great to note that India is amongst one of only three countries in Asia where per person productivity has gone up in the last eight years," Mercer India Business Leader - Talent Consulting and Information Solutions Shanthi Naresh said.
The report showed decrease in productivity during 2008- 2016 as against 1999-2007.
Naresh further said "over the years, we have seen several of our clients focus on a total rewards proposition to enhance employee engagement and retention".
The total rewards proposition goes beyond traditional compensation and benefits to include training, career advancement, flexible work options and innovation in benefits.
Growth of labour productivity per person employed in China including Hong Kong during 2008-16 stood at 5.82, for Combodia it was 4.86, Vietnam (4.23) and for India at 6.47.
"Across Asia we are riddled with economies showing weak or slowing growth. Against this backdrop, productivity combined with rising wage pressure poses a serious threat to organisations' profitability," Mercer Leader, Workforce Planning & Analytics Siddarth Mehta said.
Raising productivity is fast becoming a priority and especially crucial in an uncertain business climate. The research states three key approaches to enhance productivity -- developing more effective leaders; leveraging technology; and enhancing employee engagement.
According to a report from Workforce Analytics Institute (WAI), a partnership between The Conference Board and Mercer, Singapore and South Korea showed largest drops in productivity per person with 3.12 per cent and 2.34 per cent respectively.
India, on the other hand, had the highest gain at 2.71 per cent, followed by Indonesia at 0.68 per cent.
"It is great to note that India is amongst one of only three countries in Asia where per person productivity has gone up in the last eight years," Mercer India Business Leader - Talent Consulting and Information Solutions Shanthi Naresh said.
The report showed decrease in productivity during 2008- 2016 as against 1999-2007.
Naresh further said "over the years, we have seen several of our clients focus on a total rewards proposition to enhance employee engagement and retention".
The total rewards proposition goes beyond traditional compensation and benefits to include training, career advancement, flexible work options and innovation in benefits.
Growth of labour productivity per person employed in China including Hong Kong during 2008-16 stood at 5.82, for Combodia it was 4.86, Vietnam (4.23) and for India at 6.47.
"Across Asia we are riddled with economies showing weak or slowing growth. Against this backdrop, productivity combined with rising wage pressure poses a serious threat to organisations' profitability," Mercer Leader, Workforce Planning & Analytics Siddarth Mehta said.
Raising productivity is fast becoming a priority and especially crucial in an uncertain business climate. The research states three key approaches to enhance productivity -- developing more effective leaders; leveraging technology; and enhancing employee engagement.
