Productivity, innovation and growth. Three key themes being debated in Australia and around the world at the moment. All of them have an enormous impact on how we do business now and in the future.
In terms of productivity, Australia isn't performing as it should be. We aren't keeping up with the rest of the world and in fact are going backwards as other countries haul themselves out of recession through improving their productivity.
The results of the PC Productivity Update released by the Productivity Commission yesterday are particularly interesting, they state, "Australia's productivity performance has fallen well behind that of most other developed economies for more than a decade."
You can read more about the PC Productivity Update here.
Innovation is another hot topic with many questions being asked about how to stimulate and support innovation in Australia.
I attended a Company Directors event yesterday where there was a lot of discussion about innovation. One particular comment made was about risk management and how it can cripple innovation if overdone and how we need to build a more innovative culture.
PwC has also released a report on innovation, asking "How can Australia build a productive, sustainable economy?" It's an outstanding report outlining a path for growth via innovation.
Read Expanding Australia's Economy here.
Growth applies to every element of business. As one company director said to me recently, "Growth isn't optional. Even if you just want to maintain your business, you will go backwards because you will stagnate. You must factor growth into everything you do."
Have a look at this post from The Conversation: We don't need inequality to achieve 21st century growth. It will give you an idea of the breadth of the discussion and who is wading in: The Financial Times, Wall Street Journal, The Economist, Huffington Post and New Yorker magazine are all earnestly joining in a debate around this topic.
These conversations are happening and those leading them are influencing outcomes and changing the way we think and do business.
I am sure, just like me, you have a view on these topics, however if you are not participating in the conversations, how can you expect to influence their outcomes?