MANAGEMENT by Paul Engle
The risk of reduction
Rapidly increasing productivity represents one of our few economic bright spots. Observers credit economic recovery, technology and process improvements from Six Sigma, lean and other techniques. As a consequence, labor costs continue to decline in most industries, healthcare being an obvious exception.
Another important metric is the lack of growth in the labor market. While U.S. economic growth likely will finish 2010 up a couple of percent, job growth in the private sector lags significantly. The difference results in productivity gains. Or does it?
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