Some remarks from Carolyn Wilkins – Senior Deputy Governor, made September 22, 2014
We know that with a relatively smaller labour force, a nation’s capacity for growth will depend on the productivity and creativity of its workers and businesses. Trend productivity growth in advanced economies has declined over the past decade and a half – and Canada has lost ground compared with the United States and some other countries.
Read the full article here: Monetary Policy and the Underwhelming Recovery
Improving productivity does not necessarily require expensive new equipment. As Carolyn Wilkins implies, it does require new and creative thinking. Take a step back, re-examine your processes, ask your operators for their thoughts. In each step of your process ask “are my customers willing to pay for this?”. All processes can be improved. Start with ideas that are simple and easy to implement, even if the change is small.