Job Market Monitor
productivity
STEM Workers and Productivity in Belgium – The gains from increasing their share by 10 percentage points is linked with an increase in productivity of around 20%
Few would argue that they would rather “work harder” than “work smarter”. Yet, the indicator that measures smart working – productivity – shows at best sluggish growth since the financial crisis. Belgium for instance has experienced little productivity growth in recent years and has only increased its labour productivity by ~5% over the decade since … Continue reading
Productivity in US (Q4 2020) – Largest drop in 39 years
Nonfarm business sector labor productivity decreased 4.8 percent in the fourth quarter of 2020, the U.S. Bureau of Labor Statistics reported today, as output increased 5.3 percent and hours worked increased 10.7 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates, and show what the percent change would be if the … Continue reading
Productivity and Wages in US – They aren’t keeping up
While net productivity has continued to increase by an expected 70%, hourly compensation in the country is less than a fifth of that at just 12%. The growth in productivity has more than doubled that of hourly compensation for U.S. workers since 1948. With net productivity in the country growing by roughly 253 percent in … Continue reading
Remote Work and Productivity – Majority maintain or improve it says a survey of 12,000 employees
To assess employee sentiment on these changes, from the end of May through mid-June we surveyed more than 12,000 professionals employed before and during COVID-19 in the US, Germany, and India. The respondents work in roles such as analysts, engineers, HR personnel, teachers, and health care providers (but generally not in jobs performed onsite such … Continue reading
COVID and Productivity – Canadians workers boost productivity working at home while European colleagues lag behind
Software-as-a-service monitoring company tracks how much time employees spend using Outlook, Excel, and Salesforce. Productivity is up in Canada, slightly down in the US, and significantly down in Europe, according to a new analysis of work at home activity. From Feb. 24 through March 26, workers in North America slightly increased their overall productivity by … Continue reading
Skills and Productivity – Skills should be labour market relevant and skilled workers need to be matched with jobs
This paper analyses different dimensions of skills mismatch (notably ‘macro-economic skills mismatch ‘, ‘skills shortages ‘, and ‘on-the-job skills mismatch ‘) and their empirical relationship with labour productivity. Macro-economic skills mismatch arises when the skills distribution differs between the available workers and those that get hired. Skills shortages occur when employers encounter difficulties to fill … Continue reading
Productivity and Skills – Sectoral skills explain more than school attainment
The key source of modern economic growth is productivity growth which is ultimately determined by technological progress. Innovation and technological progress are driven by people’s knowledge and skills which, in turn, are fostered by education and by research and development activities (R&D). Education – by equipping individuals with knowledge and skills – enables workers to … Continue reading
The Future of Work in US – How to fix the broken historical link between labor productivity and wages
In Don’t Fear the Robots: Why Automation Doesn’t Mean the End of Work, Roosevelt Fellow Mark Paul challenges the narrative that large-scale automation will imminently lead to mass unemployment and economic insecurity. He debunks the idea that we are on the cusp of a major technological change that will drastically alter the nature of work, … Continue reading
Changes in the age structure of the workforce are significantly correlated with changes in aggregate productivity
This paper examines the relationship between workforce demographics and aggregate productivity. Changes in the age structure of the workforce is found to be significantly correlated with changes in aggregate productivity. Different demographic structures may be related to almost one quarter of the persistent productivity gap between the OECD and low income nations as well as … Continue reading
Smartphones at Work – 65 percent do not have their work emails on their smartphones
While technology helps workers stay connected while away from the office, in many cases it is causing them to disconnect while in the office, leading to a negative impact on productivity. According to new CareerBuilder research, 1 in 5 employers (19 percent) think workers are productive less than five hours a day. When looking for … Continue reading
Productivity and Wages in US – The disconnect
The disconnect between productivity and wages really took off with the rise of financialization and cheap technology tools in the early 1980s. Chosen excerpts by Job Market Monitor. Read the whole story at “Free” Trade, Jobs and Income Inequality: It’s Not As Easy As We Might Think | Max Keiser
US – The productivity miracle is over Robert Gordon says
In his magisterial new book, The Rise and Fall of American Growth, the Northwestern University professor [Economist Robert Gordon] lays out the case that the productivity miracle underlying the American way of life was largely a one-time deal. It was driven by a flurry of technologies—electric lights, telephones, automobiles, indoor plumbing—that fundamentally transformed millions of … Continue reading
Productivity and Smart Simplicity – Unleashing the power of talent
If companies successfully marry new digital approaches with what we call “smart simplicity,” they can unleash the latent power of their technology and their people. Smart simplicity is built on the premise that companies are most productive when they harness the intelligence of their employees. Many of today’s most successful digital natives, such as Netflix … Continue reading
The global employment challenge and the productivity solution
Global employment growth has been slowing for more than two decades. By around 2050, our research finds, the global number of employees is likely to peak. In fact, employee headcounts are already declining in Germany, Italy, Japan, and Russia; in China and South Korea, they are likely to begin falling as early as 2024. While … Continue reading
US – None of the productivity growth flowed into the paychecks
This paper updates and explains the implications of the central component of the wage stagnation story: the growing gap between overall productivity growth and the pay of the vast majority of workers since the 1970s. A careful analysis of this gap between pay and productivity provides several important insights for the ongoing debate about how … Continue reading
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