HIGH PRODUCTIVITY

US Workers Top Productivity Study

According to the International Labor Organization, US workers are more productive than any other worker in the world producing $63,385 of wealth per person per year. Also, US workers put in an average 1804 hours of work in 2006, again leading the major economies of the world. (Note: a full-time employee equivalent is 2080 hours per year; that includes vacation, holiday and sick time.)

The recent update in the US Census reveals that the average wage is $17.52 per hour or $36,441.60. The median salary for men is $42,261 and household income is $52,423.

Basically, each worker in the US produces 80% more than his or her wages. In general, men produce about 60% more wealth for their employer as compared to the median salary.

These numbers reinforce the age-old axiom that a company’s best resource is its workers. Considering the poorer productivity output in Asia and Europe (in addition to the massive recalls of Chinese made consumer products), does outsourcing really pay high dividends? Has the furor surrounding outsourcing been over-blown? Are the numbers regarding outsourcing sensationalized to capitalize on fears held by small sections of the US population?

Capitalism is built on making profit. US companies are not going to sacrifice profit just to say they have a global presence. The lower annual wages now makes US workers more attractive to companies both in the US and from the global market. The last piece of the puzzle that needs to be addressed is universal health care. Once that is out of the employer’s domain, US workers will be hired, paid competitive wages and retained.

The most productive workers will always win the employment game. It is the individual’s responsibility to make sure they have the right training and education to be ready for the next employment opportunity.

Credit Follow Up

In the last column it was stated that money makes money and to avoid credit card debt. The latest figures on debt from Cardweb.com indicate that the average credit card debt per household jumped from $2966 to $9659 since 1990. That represents long-term debt that will never be paid based on the upswing in trends.

The US economy may be based on credit but it doesn’t mean you have to sell your future. Smart credit is buying a house or real estate; dumb credit is buying a plasma TV.

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A business leader without character is just slime in packaged in tissue paper.

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