Definition of Labor productivity:
Labor productivity, also known as workforce productivity, is defined as real economic output per labor hour. Growth in labor productivity is measured by the change in economic output per labor hour over a defined period. Labor productivity should not be confused with employee productivity, which is a measure of an individual worker's output.
Rate of output per worker (or a group of workers) per unit of time as compared with an established standard or expected rate of output.
Labor productivity measures the hourly output of a country's economy. Specifically, it charts the amount of real gross domestic product (GDP) produced by an hour of labor. Growth in labor productivity depends on three main factors: saving and investment in physical capital, new technology, and human capital.
How to use Labor productivity in a sentence?
- Labor productivity measures output per labor hour.
- Labor productivity is largely driven by investment in capital, technological progress, and human capital development.
- Business and government can increase labor productivity of workers by direct investing in or creating incentives for increases in technology and human or physical capital.
- Our labor productivity was great and I knew that our business was one of the best and also hardest working.
- You need to know what the labor productivity of your factory is so that you know if they can handle a big order.
- The labor productivity was exceptional in our warehouse as the new management that began last month enforced new policies that increased efficiency.
Meaning of Labor productivity & Labor productivity Definition