Elevating Productivity while Managing Human Error and Business Risk

High-performing businesses are built by productive people.

Employees who are highly engaged boost profitability by 21%, improve customer ratings by 10% and increase sales by 20%. 

However, elevating productivity does come with a risk — without a robust support system, your employees may become overworked and burnt out. 

In addition, competitive team members may take unwarranted risks in search of higher profits and productivity. 

As a business leader, you can elevate productivity while mitigating risk by investing in your employees. This will help you create a positive work culture and minimize the chance of costly human errors at work. 

Human Error

Everyone makes mistakes from time to time. However, some human errors can be costly to your business. When you push your staff to be more productive, there’s a high likelihood that they will attempt to multitask their way through the day. 

Unfortunately, we now know that multitasking doesn’t work. Multitasking when under pressure will only lead to more errors, higher stress, and decreased joy at work. 

Rather than forcing folks to work in overdrive, find ways to incentivize productivity while reducing the risk of human error. Consider strategies like: 

• Goal setting: Set reasonable goals that are flexible and easy to achieve. Everyone needs a quick win from time to time, and staff are more motivated to tick off tasks that can be completed with relative ease. 

• Oversight: No one likes a helicopter manager, but a little oversight can go a long way when folks are under pressure. Reassure staff that you’re there to help and focus on identifying potential hazards while you observe. 

• Communication: Regular, effective communication can mitigate the risk of many human errors. Set aside time for town halls and team meetings, and reassure folks that there is always time to slow down, have a chat, and brainstorm solutions together. 

• Compliance: Many firms forget about compliance training after the onboarding process has been completed. Instead, regularly reaffirm the importance of compliance and maintain high standards throughout your firm. 

These strategies can significantly reduce the risk of human error while folks strive for higher productivity. Even a little oversight can go a long way, as your employees will feel reassured that they’re doing the “right” thing while searching for new ways to increase profitability. 

Positive Work Culture

The world’s most productive businesses all share a common trait: they are people-first places that have a wonderful work culture. A recent study from the University of Oxford even found that happy workplaces are 13% more profitable. 

This doesn’t happen overnight, though. It takes real action and effort. Promote a positive work culture by setting aside funds for healthcare and wellness benefits. You can, for example, encourage team sport participation and offer free gym memberships for your staff. 

Follow up on wellness perks by building a culture of respect and support. Your employees should feel that your leadership team is transparent and should always know where they stand when it comes to pay raises and promotions. If possible, offer rewards to folks who find innovative ways to be more productive, but avoid the temptation to incentivize overworking. 

Education 

Further education and training can elevate productivity while minimizing the risk of error in your firm. Most employees are extremely receptive to further training too. One survey found that 74% of workers are willing to learn new skills, while only 34% say they are “satisfied” with the level of training they currently receive. 

If possible, set aside a budget for further training and education. This budget can be used to fund things like college courses or time-management and prioritization workshops. 

Before spending several thousand dollars on a single employee’s education, consider whether or not the spending will have a positive return on investment. Bear in mind that the newly educated employee will likely command a higher wage, too. This will help you avoid business risks and ensure that your profits outperform any rise in costs.

If you’re not willing to pay for an employee’s MBA or Bachelor’s, consider investing the funds in tech-based training instead. Staying up to date with current technology can significantly improve your day-to-day productivity, as modern tech makes life that much easier. For example, if you run a busy business, you likely use a digital calendar system. Teach your staff to sync their calendars with an informal training session, as this will help everyone get on the same page. 

Conclusion 

Striving for higher productivity is a noble goal. However, you may find that pushing for more profits can derail your operations. Folks are far more likely to make errors when under pressure and may unintentionally expose your business to financial risk. Mitigate risk by investing in your people. Create a positive work environment and help folks set achievable goals. This will incentivize employees to achieve higher levels of productivity without becoming overworked.