Employers are worried that workers are getting less done — and there\u0027s evidence they\u0027re right to be spooked. Find out more.
Tech CEOs such as Alphabet Inc.’s Sundar Pichai and Meta Platforms Inc.’s Mark Zuckerberg have been pledging to boost productivity, calling out low performers and asking their workers to do more. Meanwhile, Microsoft Corp. chief executive Satya Nadella said his company coined the term “productivity paranoia” to describe employers’ anxieties about whether their employees are working hard enough.
Managers today “might feel especially under the gun” to show that employees are pulling their weight, said Elaine Richards, chief operating officer of software company Basecamp. But they should trust their employees to get work done in ways that fit into their lives. When productivity slows, economic growth dwindles. The drop-off is particularly concerning to economists and employers as the U.S. economy flirts with recession. It’s unfolding as employers struggle to find workers, amid a national tug-of-war over the future of offices. Burnout is high. Engagement is low. People are working more hours, but they’re doing less with them.Article content
Companies are often losing high performers who are finding jobs with higher wages and more flexibility, said Sinem Buber, lead economist at ZipRecruiter. Replacing them is tough and training new hires is costly and time consuming.Since the pandemic started, “the link between hard work and reward has been broken” for many workers, Buber said, resulting in “curbed ambition.
Much of that boost probably was the effect of the coronavirus recession, said Gerald Cohen, chief economist at the Kenan Institute of Private Enterprise, a business policy think tank.Article content
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