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How Technology Increases One’s Job Productivity

Introduction

The development of technology changes human life every day. As a result, information technology affects the economy, business, science, and other areas of human activity. They are aimed at simplifying labor, increasing computing capacity and productivity, including humans. Manufacturing keeps pace with science, but not all achievements are applied in practice. It depends on many factors: the economy, funding, technological processes, and more. Consequently, the growth of technology does not always lead to an increase in labor productivity. Development is highly dynamic these days. Therefore, to present the main trends, it is necessary to consider the most recent examples.

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Technology and Productivity

The emergence of new technology, despite the rapid development of this area as a whole, requires some time to test it in the field. The larger the production, the better the technological process is established there. Consequently, the more difficult and more costly it is to change it. The main reason for the revision of these processes is a significant reduction in equipment or materials. The economic aspect of the problem implies covering such significant costs in a short time. It is not always possible.

First, with the development of technology, the amount of resources within each state’s economy has increased. The roles of capital and labor were significantly revised. It was necessary to adapt the entire economic system to new rates of development. For example, in Japan, a more flexible approach has been proposed, taking into account the growth of technology and the current social status in society (Nakamura, Kaihatsu, & Yagi, 2019). Governments must regulate such rapid changes in the business industry. However, the uniqueness of this case and the lack of knowledge of the exact solutions lead to learning from their own mistakes.

Another example concerns the construction industries in Spain. Improving data coverage analysis, the introduction of a two-sided index contributed to the development of technologies in this area. However, the study results were negative – productivity and efficiency fell (Kapelko & Abbott, 2017). When studying the reasons, it turned out that among them was the reaction of companies to the recent economic crisis. Moreover, new technologies, as discussed above, take time to adapt. The correct allocation of resources became possible in the construction industry only ten years later.

On the other hand, the contribution of technology to increasing long-range performance cannot be underestimated. Historically, the creation of e-mail, small media for large amounts of data, word processors, and application software for specific tasks has boosted business industries. It is worth noting that the ubiquitous influence of technology has resulted in the fact that technology itself has become a business industry. This area has its own rules, patterns, and place in the market. It is the natural process of transforming a means for an end into an end in itself.

Despite the rapid development of technologies, it is still the person who remains the driving force for many processes. Technology can replace repetitive work, big computing, where a person’s job is limited by his abilities or the possibility of error. However, many professions require creativity, out-of-the-box thinking, the search for ideas, where you cannot do without a person. In this regard, the technological development process can improve specific business processes in production up to a certain point. However, the workforce and the thinking of the team of employees are more responsible for further development.

One of the areas of information technology is robotics. The prospect of automating more complex, heterogeneous processes that require multi-criteria choice leads to a decrease in jobs. People currently in charge of such positions, development in which will lead to automation in the future, will lose their jobs. This event can lead to an adverse reaction from the economic and sociological spheres. The consequences of unemployment lead to dissatisfaction with the authorities and the people, possible strikes, protests, etc.

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Intangible capital, including intellectual property, personnel skills, reputation, and much more, is equally vital in the overall production picture. Many of its components have emerged or evolved as a result of the dominance of technology. Knowledge, one of the primary strategy resources of any business, is now the main criterion for evaluating an employee’s job market. Since working with technologies most often implies precise knowledge, the role of an experienced employee, both in increasing labor productivity and improving the work of the entire business system as a whole, is very great.

It is believed that most knowledge is now in the public domain, thanks to search engine technology. Despite this, knowledge that requires in-depth research, or even practical experience, is highly valued in the business industries of the current technology world. The importance of intangible capital is supported by scientific research. When evaluating companies from developed countries in Europe and North America, the development of intangible capital increased labor productivity (Jona-Lasinio & Meliciani, 2018). Consequently, the success of business industries depends not only on advances in the field of science.

Conclusion

Business industries today cannot do without the use of modern technologies. Many industries closely follow the development of science, the discovery of new materials, achievements in algorithmization, and information technology. However, labor productivity, which directly affects the company’s success, is not entirely a consequence of improved technological processes. A significant role is played by intangible capital, the knowledge of experts who make up the company’s personnel, including expertise in applied technologies. Only in the case of a complex of well-functioning business processes, including technology, personnel, management, and finance, is it possible to increase labor productivity. It consists of many factors that affect it both directly and indirectly on its other components.

References

Jona-Lasinio, C., & Meliciani, V. (2018). Productivity growth and international competitiveness: Does intangible capital matter? Intereconomics, 53(2), 58-62.

Kapelko, M., & Abbott, M. (2017). Productivity growth and business cycles: Case study of the Spanish construction industry. Journal of Construction Engineering and Management, 143(5), 05016026.

Nakamura, K., Kaihatsu, S., & Yagi, T. (2019). Productivity improvement and economic growth: Lessons from Japan. Economic Analysis and Policy, 62, 57-79.

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