And those failures were not just
in investments in the likes of R&D and infrastructure, but “inadequate investments in some types of human capital and people”.
REMOTE WORKING AND PRODUCTIVITY In fact, it is people and the changes in the way so many now work as a result of Covid-19 lockdowns that might hold out a significant hope of upping productivity in many sectors of the economy. A global survey commissioned
by PwC among 3,937 business executives and HR leaders across 28 industry sectors in 26 countries, found that remote or hybrid working was deemed to have increased productivity last year compared to 2020. “Remote and hybrid working
has provided a short-term productivity boost in most workplaces,” reported PwC, “with 57% of respondents saying their organisation performed better against workforce performance and productivity targets over the past 12 months, compared to a mere four per cent saying their company performed significantly worse in that time.” However, the survey also found
that productivity and performance gains might have come at the expense of longer term employee trust, with only 30% of respondents saying they “strongly believe” their organisations had built high levels of trust between workers and their direct supervisors, partially as a result of employee burnout. Peter Brown, Joint Global People
and Organisation Leader at PwC UK, said: “Now is the time for leaders to build an environment that supports sustainable productivity. People are integral to the tech equation – leaders need to engage with and listen to their people and be responsive to addressing employee burnout and the desire of people to work for organisations that live up to their purpose, values and culture. This is critical to retaining and motivating employees.” Similar research conducted solely
in the UK by the Chartered Institute of Personnel and Development (CIPD) also found that the number of employers reporting the increase in homeworking had improved their organisation’s productivity or efficiency, had “jumped
9
significantly” over the past year. Claire McCartney, Senior
Policy Adviser for Resourcing and Inclusion at the CIPD, the professional body for HR and people development, said: “It’s great that many employers are embracing the benefits of more hybrid and flexible ways of working. “Consulting with employees is
a big part of developing inclusive hybrid and flexible working practices. Employers who listen and are open to testing, learning and adapting will benefit from a more diverse workforce and the ability to retain and attract a wide range of talent. This is particularly crucial at a time where the labour market is so tight. “Everyone should have the
chance to benefit from more choice about when, where and how they work. This can lead to increased wellbeing and engagement, and enhanced performance, all of which can lead to the productivity gains many employers are reporting.” It seems that, while there are
many technological tentacles grappling with the UK’s productivity puzzle, solving it might remain very much in human hands.
“ I think part of the diagnosis of the problem in the UK has been that we have failed to make long-run investments in the kind of key things that have been found to be major drivers of productivity, human capital and people.”
JOHN VAN REENEN, PROFESSOR OF ECONOMICS AT THE LONDON SCHOOL OF ECONOMICS (LSE)
THINK GLOBAL PEOPLE PRODUCTIVITY
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