US Workers Have Gotten Way Less Productive
Published on November 01, 2022 at 12:14AM
Employers across the country are worried that workers are getting less done -- and there's evidence they're right to be spooked. From a report: In the first half of 2022, productivity -- the measure of how much output in goods and services an employee can produce in an hour -- plunged by the sharpest rate on record going back to 1947, according to data from the Bureau of Labor Statistics. The productivity plunge is perplexing, because productivity took off to levels not seen in decades when the coronavirus pandemic forced an overnight switch to remote work, leading some economists to suggest that the pandemic might spark longer-term growth. It also raises new questions about the shift to hybrid schedules and remote work, as employees have made the case that flexibility helped them work more efficiently. And it comes at a time when "quiet quitting" -- doing only what's expected and no more -- is resonating, especially with younger workers. Productivity is strong in manufacturing, but it's down elsewhere in the private sector, according to Diego Comin, professor of economics at Dartmouth College. He noted that productivity is particularly tricky to gauge for knowledge workers, whose contributions aren't as easy to measure. "It is strange," Comin said. "The data is very odd these past couple of quarters in so many different ways. It's hard to even tell a coherent story." Tech CEOs such as Google's Sundar Pichai and Meta's Mark Zuckerberg have been pledging to boost productivity, calling out low performers and asking their workers to do more. Meanwhile, Microsoft chief executive Satya Nadella said his company coined the term "productivity paranoia" to describe employers' anxieties about whether their employees are working hard enough.
Published on November 01, 2022 at 12:14AM
Employers across the country are worried that workers are getting less done -- and there's evidence they're right to be spooked. From a report: In the first half of 2022, productivity -- the measure of how much output in goods and services an employee can produce in an hour -- plunged by the sharpest rate on record going back to 1947, according to data from the Bureau of Labor Statistics. The productivity plunge is perplexing, because productivity took off to levels not seen in decades when the coronavirus pandemic forced an overnight switch to remote work, leading some economists to suggest that the pandemic might spark longer-term growth. It also raises new questions about the shift to hybrid schedules and remote work, as employees have made the case that flexibility helped them work more efficiently. And it comes at a time when "quiet quitting" -- doing only what's expected and no more -- is resonating, especially with younger workers. Productivity is strong in manufacturing, but it's down elsewhere in the private sector, according to Diego Comin, professor of economics at Dartmouth College. He noted that productivity is particularly tricky to gauge for knowledge workers, whose contributions aren't as easy to measure. "It is strange," Comin said. "The data is very odd these past couple of quarters in so many different ways. It's hard to even tell a coherent story." Tech CEOs such as Google's Sundar Pichai and Meta's Mark Zuckerberg have been pledging to boost productivity, calling out low performers and asking their workers to do more. Meanwhile, Microsoft chief executive Satya Nadella said his company coined the term "productivity paranoia" to describe employers' anxieties about whether their employees are working hard enough.
Read more of this story at Slashdot.
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