The relationship between how productive people have been in the past century and how people invest in human capital is explored in this article. The articles goes so far as to state that humans are in a productivity cycle, however in recent times the cycle has not been properly operating. The article then goes onward to state in detail how the three elements of the productivity cycle (Time, Energy, and Wages) can all be adjusted to increase the productivity cycle
- The benefits of higher productivity have gone disproportionately to shareholders and have not translated into increased wages for workers.
- We need to understand that time can translate to money, and managers and workers need to remove inefficiencies to invest in more effective processes and work methods.
- Employers should focus on creating new jobs and a work environment that inspires employees to be creative because ultimately investing in human capital is most important to boost productivity.
“We could improve productivity if we stopped systematically underinvesting in human capital.”