How Did We Become So Productive Recently?
Since the pandemic, some leaders have grumbled that remote workers haven’t been as resourceful as they could be. But over the last three months, employee productivity has surged. Is the push to get people back to the office behind it, or something else? Plus, how to figure out which of the AI-producing companies—there are nearly 58,000 of them—make sense for your organization.
Productivity Shoots Up—Are Return-to-Office Mandates Why?
The latest productivity figures from the US Department of Labor are certainly impressive. The only question is what they mean.
The new data shows productivity grew at its fastest pace in three years in the third quarter, increasing 4.7% year-over-year. This marks the second consecutive quarter of strong growth, following a 3.6% gain in the second quarter.
For leaders, the growth in productivity without a corresponding increase in hours worked—the two measures usually move in tandem—suggests that return-to-office mandates are, to be blunt, working. But experts say other factors—such as investments in artificial intelligence and other technology to improve efficiency—may be playing important roles, along with certain decisions firms are making.
Briefings Podcast: AI—Pie in the Sky or Pie in Your Face?
At last count, there were almost 58,000 AI firms globally. They produce amazing tools that do everything from creating avatars for leaders to concocting entire marketing plans. But how does a company know which tool they can trust? We chat with a pair of AI experts on this mounting dilemma.
Pay Attention* (Because Nobody Else Is)
Some call it the “concentration crisis.” The average amount of time workers can dedicate to a task before becoming distracted has shrunk by two-thirds since 2004. Our decreased attention span is having massive repercussions for innovation and productivity in business.
We break down the science behind the decline in our ability to concentrate and offer leaders some solutions for building mental fitness—in their employees and themselves.
Other Must-Reads from Korn Ferry
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- Removed as Manager: 5 Ways to Handle It - Amid restructurings, many managers are ending up without direct reports. How to handle the transition.
- More Money Isn’t Enough - There might be an incentive for high-potential employees that’s better than either money or promotions.
Check out Briefings, our bimonthly national magazine, for in-depth and unusual looks at critical leadership issues.
Chartered Accountant at G.Satapathy and Company, Chartered Accountants
7moThanks for sharing
Executive Management | COO | Head of Sales | Portfolio Ops | Operational & Organizational Improvement and Turnaround | I help business deliver substantial EBITDA growth and shareholder returns
7moHere are two additional reasons that could be influencing the increase in productivity: Emphasis on Flexibility and Work-Life Balance: Many remote workers have experienced increased flexibility in managing their work schedules. The ability to choose when and where to work has allowed employees to better align their work with their peak productivity hours. This flexibility also contributes to improved work-life balance, reducing stress and burnout. As a result, employees may be more motivated and focused during their designated working hours, leading to increased overall productivity. Enhancements in Collaboration Tools and Technology: The past few years have seen significant advancements in collaboration tools and technology. The widespread adoption of virtual communication platforms, project management tools, and collaborative software has streamlined workflow and facilitated efficient communication among remote teams. These technological enhancements may be contributing to improved coordination, faster decision-making, and overall increased productivity. Companies investing in and leveraging these technologies are likely to experience enhanced efficiency, regardless of the physical location of their workforce.
Founder & CEO at TRU Staffing Partners, Inc. - x4 Inc 5000 leader, Data Privacy, eDiscovery & Cybersecurity Talent Representation
7moReally? Utterly disagree here Korn Ferry. RTO is NOT why productivity is up. Lack of attrition is why. Attrition is at an all time low. And the number one motivator for job seekers entering the workforce are changes to WFH policy. And has been for three years. The best way to get people to quit is to make them come back to the office. Let’s keep it real, Korn. Read the WSJ report on attrition rates this week. Food for thought.