Benefits from increased productivity :
Higher productivity results in higher volume of production and hence increased sales, lower cost and higher profit. It is beneficial to all concerns as stated below:
(a) Benefits to the management:
1. More profit.
2. Higher productivity ensures stability of the organization.
3. Higher productivity and higher volume of sales provide opportunity
for expansion of the concern and wide spread market.
4. It provides overall prosperity and reputation of the organization.
(b) Benefits to workers:
1. Higher wages.
2. More wages permits better standard of living of workers.
3. Better working conditions.
4. Job security and satisfaction.
(c) Benefits to the consumers:
1. More productivity ensures better quality of product.
2. It also enables reduction in prices.
3. More satisfaction to consumers.
(d) Benefits to nation:
1. It provides greater national wealth.
2. It increases per capita income.
3. It helps expansion of international market with the help of standardizes and good quality products.
4. It improves standard of living.
5. It helps better utilization of resources of the nation.
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