Hi Tonny,
It is always good to think of productivity in terms of output of goods sold and costs to create those goods. Two very simple formulas that help illustrate:
Total Productivity = Total # of goods sold / Total # of hours worked to produce the goods
It will give you a percentage of Quality goods sold, as you will have waste produced that is not part of productivity.
The second formula address the cost to produce those goods:
Total Cost of Productivity = Cost per hour x Total # of hours
If you think about your productivity not only in terms of output, but the cost of that output – you may find more expensive labor produces more salable goods – or find that no difference is made between your groups of higher or lower paid employees, and this information helps you make informed decisions about your labour force.
Hope that helps a bit in the thinking as you design your full productivity performance metrics.
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