Measuring developer productivity is critical as engineering teams are asked to "do more with less." However, traditional metrics like lines of code (LoC) and velocity often fail to capture the complexity and nuance of modern software development. Instead, meaningful measurements focus on factors such as cloud costs, predictability, failure lead time, merge/PR review times, and happiness. Engineering teams should prioritize autonomy, balance, growth mindset, and happiness while adopting AI-powered tools to streamline tasks like API development. Productivity metrics should guide alignment between technical execution and business value, focusing on outcomes rather than activity-based metrics. Ultimately, productivity is about doing what matters most together, effectively, and with purpose.