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Compare and contrast the methods London Fancy Box uses to increase productivity

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My aim is to compare and contrast the methods London Fancy Box uses to increase productivity. I will first focus on the main ways that are more obvious and the advantages and disadvantages of them. Then I will go into more detail and look at the smaller things. Finally, I may suggest new ways in which the company could use to increase productivity. This may help them meet their targets of increasing it by 20% and dramatically reduce waste. "Productivity is output per person employed. It can also be output per machine". (Source 1.) Therefore, productivity is how much work a person or machine has to do. Amount of productivity is very important because it affects the profit of the company. In order to do some market research to get more information and data, I took a trip to the factory to make observations that will help me with my studies. I also used the Internet to obtain useful facts that I can refer to and comment on. I also spoke to a member of staff at LFB-Simon Gretton, the Management Accountant. ...read more.


(Source 4.) If they are motivated well they will put effort and commitment into their jobs, increasing the value they add. Money is also an important factor for most people because many like their standard of living to be high. That is why LFB offers fringe benefits to their staff like an annual bonus, depending on the profits, of which they receive 2 weeks holiday and extra pay towards the end of the year. Occasionally, when they need to meet deadlines, the employees work overtime. They get rewarded for that, by receiving their normal hourly rate plus half of the amount on top of however many hours worked overtime. One way that I think may motivate people is with performance-related pay. "Performance-related pay involves paying people more if they produce more or do their job better". (Source 1.) The company does give a pay increase when they see someone with unique skills but sometimes those people are not always noticed. Another more accurate approach to this would to be to record the amount of productivity each production line produces. ...read more.


However, this can also de-motivate them as some may get used to being in the mood to chat about their social lives rather than focus on work and be productive. This also goes for the social committee as well when the company funds for ideas for social activities. As well as the social activities, people may feel that that the job is worthwhile or that it brings them personal fulfilment. This leads me on to my next point: the job should give the employee a sense of identity. LFB does this by communicating more with their staff and keeping them informed on the company's performance. To do this they often have meetings: the finance department holds a meeting every 2 weeks and the directors and Management Executive Group (MEG) hold a meeting every afternoon. However I do not think that this is sufficient. The factory staff needs to be more involved in creating a compelling and shared vision of the future. A simple way to do this would be to create a small magazine or newsletter showing personal excitement, enthusiasm and optimism about the vision expressing encouragement and support. ...read more.

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