What is the Economy of People?

What is the Economy of People?
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One of Capital Document Solutions’s partners Ricoh, has recently introduced the notion of The Economy of People. Could it be key to increasing productivity?

The Economy of People

Economy of People

Ricoh believe that the path to performance and productivity lies in Workstyle Innovation. Through this approach, organisations can implement bespoke solutions to create one united and effective workstyle. This can allow organisations to unlock the full potential of their people.

However, the exact financial impact has long been unknown. So, Ricoh partnered with Oxford Economics to examine the value of the Economy of People. They discovered:

  • across the United Kingdom and Ireland there is £39.8 billion in untapped GDP that could be unlocked by creating an optimal office;
  • 91% of executives said productivity would increase significantly by investing in workplace modernisation; and
  • 82% of executives are planning on investing in the next two years.

These findings lead Ricoh to explore the current effectiveness of workplace strategies and opportunities to create greater alignment between employee needs and executive decision-making, which will help work towards building the optimal office.

The optimal office

The optimal office should drive emotional motivators, which are a catalyst for creative thinking and performance. Technology proved critical for ensuring high output-per-hour, which equates to productivity. And the physical work space can bridge culture and technology, influencing both performance and productivity.

Culture, work space and technology

Office modernisation, and, ultimately, the optimal office represents a great untapped value. The £39.8 billion opportunity that the Economy of People represents can benefit all types of organisations, contribute substantially to the United Kingdom and Ireland’s GDP, and therefore positively affect people in both countries.

Every organisation must address what their appropriate path is, which will not be the same for everyone. Understanding the workstyle that best fits your organisation’s needs is critical, which means workplace strategies must start with developing an understanding of how people work, and the impact they have on the organisation.

By fully understanding elements such as workspace environment, working patterns, technology infrastructure, culture and other key factors, organisations can best determine what affects employee performance, creativity and productivity, which, in turn, affect organisation performance and growth.

Culture is the foundation of every organisation, but change is on the horizon.

  1. Maintain current course on culture, but be prepared for change.
  2. Be prepared to focus more on your organisation’s ethics, values and overall purpose.
  3. Creativity doesn’t begin and end with culture. Creativity needs to be nurtured.

While workspace creates the bridge between performance and productivity.

  1. Make consistent investments in office environment, however large or small.
  2. Don’t underestimate the importance of personal workspace and operating procedures.
  3. Closely evaluate employee demographics to understand their unique needs.
  4. Flexible working is more complex than simply doing business from home.
  5. Results will follow, and they will fundamentally change your organisation.

Technology is the key to output per hour, if greater alignment between employees employers is achieved.

  1. Focus on core technologies first.
  2. Executive leadership teams should align before executing a strategy.
  3. Your path depends on your industry and sector.

Finally, Phil Keoghan, CEO of Ricoh UK and Ireland, said:

“Ricoh has always believed that the path to newfound performance and productivity lies in bespoke workstyles designed and developed around people and the way they work. As we reflect on the past 10 years of productivity and consider what the next two years hold, it’s clear 2018 represents a critical crossroads. As a business community we have a responsibility and opportunity to ensure tomorrow is better than the day before and improving the way we work together can positively reshape the United Kingdom and Ireland’s economic trajectories for the foreseeable future.”

To find out how we can help you with your organisation’s performance and technology, get in touch now.


Posted in Ricoh, Special Interest

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