Workplace productivity up but staff wellbeing takes a hit

Although many companies are reporting higher productivity amid the pandemic, employee wellbeing has taken a hit, according to the Conference Board. 

In September 2020, almost half of employers (47%) believed that work productivity had increased, compared to only 23% back in April, reveals the think-tank’s latest study. This productivity increase is partly due to employees working longer hours since the Covid-19 outbreak. But many employers have reported deteriorating staff wellbeing. 

In fact, the study reveals that many employees are working longer hours (60%) and spending more time in meetings (63%). As a result they are suffering more burnout (42%), experiencing a decreased work-life balance (46%) and more mental health problems (40%).  Other surveys reiterate these findings, with some predicting staff burnout to soar this winter.

SOBERING STATISTICS

“These sobering statistics beg the question of whether increased working hours are sustainable in the long term,” stated Robin Erickson, PhD, report co-author and Principal Researcher at The Conference Board. “To further support the health and well-being of their workers, companies can consider implementing quiet periods without email, mandating use of vacation time, or even offering more benefits related to health and wellness to mitigate stress.”

COST-CUTTING PAIN CONTINUES

The research findings also reveal that even after six months of adapting to the pandemic, many organisations expect cost-reduction actions, including layoffs and restructurings, to continue at least until the end of this year. According to the survey, between October and December 2020: 

• 13% of surveyed companies plan to restructure the organisation 
• 11% plan to cut bonuses
• 9% plan permanent layoffs
• 8% plan to defer pay increases and bonuses

JOB SECURITY CONCERNS

These measures only create additional concerns and problems for staff, as they worry about job security and finances. On the upside, many companies have been able to fully or partially reverse some of the cost-cutting measures taken at the beginning of the pandemic, specifically around reducing salaries and wages. 

In fact, a quarter of companies that had implemented salary/wage cuts during the pandemic had fully reversed this action by September. Another 23% of firms said they had partially reversed this action. 

RETURN TO THE OFFICE?

The survey found that 60% of companies plan to return to the workplace by March 2021. However, significant uncertainty remains and this date could change based on the severity of the second Covid-19 surge. 

By the end of September 2020, only 19% of companies had remained open or returned to the workplace. A quarter of firms are more uncertain, either awaiting a vaccine or noting other determining factors, such as trends in Covid-19 cases in the geographic area. 

The Conference Board’s survey also found that firms are more willing to hire from anywhere around the world, because despite the high unemployment rates, the war for qualified talent continues. Check out the article here.