Productivity represents a phenomenon that is investigated by researchers, who have already created several productivity models, and applied by practitioners who pursue models’ usability. Various aspects and issues are incorporated in and several disciplines contribute to existing models. All these activities are conducted at three basic levels which are not always clearly distinguished. The aim of this discussion paper is to provide with review of labour productivity within the context of knowledge society. The paper covers theoretical frame of productivity, knowledge management and discusses if and how labour productivity may be positively influenced by the existence of the knowledge society in general and knowledge management programmes in particular.