US productivity led the world for years while wages remained stagnant. Workers noticed that the fruits of increased productivity all went to executives and shareholders. If it doesn't matter how hard you work then it doesn't matter how hard you don't. As a machinist for 23 years who went back to school to become a technology manager I saw both sides.
This video was like "we're not sure where all the gains from computerization went". Oh, I think we know that they went into the pockets of a very small group.
So if companies offer you stocks, a piece of a company, is that not reaping the fruits of your hard work? Everyone works hard, company does better, price of the stocks you own increases. Executives also don’t get paid millions in salary. Just millions in stocks.
They're too important to talk to first hand sources, lmao. You think they wanna mingle with us or hear our side of the story, still? Find some independent creators like The Maverick of Wall Street, Perun, Money & Macro, etc. People who aren't legally beholden to shadowy (as in anonymous) investors. And if you don't think the investors are shadowy, who are they? Can you name them?
Not even close. In most jobs you get an hourly wage. All you get for working harder is to get screwed by your boss because they unfairly put more work load on you than your co-workers precisely BECAUSE you are working harder. So technically you are getting paid LESS if the metric is effort expended.
This is actually a key issue. Let's say you're a hair stylist or a barber. You service 6 clients in an hour instead of 3... you're going to earn more. However, if you work at a local fast food chain, or you work at another hourly wage job, your productivity is not necessarily rewarded with higher income. More likely they bring down the hammer and say that you're productivity doesn't match someone else's so if you want to keep your job, you'd better be more productive. You being more productive in a wage paying job, will in the vast majority of cases result in providing more profit for your employer (he/she may not need to hire someone else, or they benefit from your increased work) but that won't translate into higher income for you because the employer will say: "If I give it to you, I have to give it to everyone." so instead they 'may' thank you for being an exceptional worker and tell you they appreciate it, but it doesn't translate into increased monetary compensation.
What I noticed most about this is the increasing wage gap and the disparity between the average worker and the top executives aren't discussed at all as a potential factor for slowing production. When workers feel valued they work harder, but for so long wage growth for workers has stagnated while we hear about massive bonuses in the tens of millions for a chosen few. Companies are more worried about benefiting investors than they are about benefiting their employees.
It's also about people being stuck in their old ways and not evolving. People have 0% creativity. Nobody wants to be competitive. Competition rises all boats. All they care about is how many millions and billions they make even if it means companies go out of business or get bought out. Investing in your workers and your workers invest in you and your workers will have my drive and creativity. When you have too many chiefs and not enough indians, everything goes south
Low morale, bad bosses, burn out, wages that don’t cover basics, no job security, no growth path, hostile work environment, ageism, companies that don’t want to hire, train or promote, take your pick.
All of this is the result of government policy and taxes. Employers don't want to give low wages and lack of growth... They are trying to fight the system themselves to get there but it's nearly impossible given the overwhelming government regulations and taxes. I'm a business owner. Trust me.
I literally laughed when thay one guy said "If you're producing twice as much, you're likely making twice as much" 😂😂 I work my ass off and my pay went up 1.5% between 2022 and 2023.
@fasthowto Wow, I never would have thought of that! I work for a large company that made over $20B in profits last year... I'm a skilled worker that can barely afford to live in my city. Why shouldn't my employer pay me a wage I deserve?
@@ksieli1985 because that's not how the world works. That job doesn't exist so that you can get a paycheck, it exists because the company needs that job done. Jobs don't pay what the employee deserves, they pay what that job is WORTH. If you think you're worth more, then like I said - get a different job. It's not that complicated.
@@ksieli1985 also, if you can't afford to live in the city you're in, then stop voting liberal (because it's expensive) and move to a less expensive city. None of these things are complicated to figure out, they're just not what you (and millions like you) want to hear.
@fasthowto So, to solve my problem I'm to move from my hometown and away from my entire family, leave the job I have, and move to a smaller city, and find a better paying job... Hmmmm neh, guess I'll vote liberal so the government can tax and regulate entitled A-hole millionaires and billionaires and their businesses. I say bully the rich till they pay a living wage. But hey, you have you're way, I'll do it mine. :)
@@ericwood3709 yes i want my 4 cent dividend per $250 share. i can tell you own no stocks. oh and only 10% my stocks pay dividends. i guess the others make no profits after paying greedy employees.
As proven in countries like Japan, working more doesn’t always mean getting more productivity. It has diminishing results past a certain point. Also you know… everyone broke af.
Especially in societies like Japan where presence time is rewarded over actually producing. For most low-security office jobs we’re finding that just one day a week is already plenty of face to face.
Higher wages More time off Retain productive employees instead of firing them 30 hour work week should be started in some job sectors 6 hour workdays versus 8 are better for many people more beneficial for parents, which humans have full energy for 8 hours straight no one does add more breaks on the job, more exhaustion = faster quit/leaving rate A few seconds or minutes of appreciating your employees can go a long way for them to keep the productivity/hard work going Here's my last 2 sense adding unnecessary stress, anxiety and exhaustion onto citizens isn't gonna make them more productive or want to put in more effort. Feeling taking for granted doesn't make people wanna go above and beyond.
@@Comeback180 Add more free birth control and more spaying and neutering. You don't need to be breeding if you are stressing and don't have the resources for another human's education and medical care.
Maybe people are tired of putting in all the extra hours just to see the workers being treated like SH*T. The pandemic showed everyone how little we are appreciated.
I definitely learned a lot, even before the pandemic. I've been treated like crap at basically every job I have. If you work harder, and do awesome things for your company, the company says, "Neat, you set the new standard. Now do that but better." But asking a worker who is putting in 100% to put in 200% instead is not how reality works. Lots of people learned this, and that's why so many of us are putting in 50% instead. If they're going to ask us to double or triple our productivity without giving us any tangible reason to do so, then why should we work at 100%? That's just inefficient.
"No one is sure why." Treating workers like disposable slave labor instead of with respect and with equal pay to CEOs. Everyone finally woke up during the pandemic and we can't and won't go back. Time to treat people like human beings instead of as slaves.
We will see, if a recession pushes unemployment up to 10%+ I have a feeling a lot of "empowered" workers are going back to saying "yes sir whatever you need" pretty quick.
@@link10909 Except almost all economists - we're talking in the range of 90% - believe that we've dodged a recession. What is more likely to happen is that as companies continue calling workers into the office, we're going to see a second wave of the "Great Resignation." Because wages aren't rising to meet inflation, workers are naturally less loyal to companies or positions, because why would you be loyal to a company that deliberately says they don't care about your wellbeing?
@@heychrisfox Economists are an interesting bunch of group think, soothsayers. They have predicted how many recessions accurately? Consumer debt is rising, and spending numbers remain deceptively high. In consumer led recessions people worry about losing their jobs so they cut spending and save. Companies experience less sales so they cut people. In an inflation led recession, people don't want to save because they will lose money by just holding it and they cant cut spending because even if they wanted to normal non-discretionary items are taking up those resources. GDP stays high for longer since buying a $10 dollar loaf of bread looks the same on paper as buying $10s of bread, meat, and cheese. The high GDP keeps stock confidence high, and the inflation keeps money in the equity markets resulting in higher markets for longer. Now how does this end? Well consumers will use up all their entire credit lines and be unable to pay. Bankruptcies will hit the bank/credit card industries, fear of more will cause them to tighten credit availability which will push a lot more people over the edge, that will roll into retail sales drop which will then cut those jobs jobs. Layoffs will result in the above classical recessions model. When might this start? Well student loan payments restart soon, a massive expense that many haven't budgeted for in years and is notoriously under considered by the debt holders.
@@link10909 That much is fair. I was speaking about the last couple years when economists and capitalists were doom-saying over the recession that never occurred. But the point you made about student loan payments restarting, yeah, I think that's going to be a major shock to the system that nobody is really talking about.
@@heychrisfoxidk where you got that from 90% lol literally every video ive seen on RUclips with economists says the exact opposite. that we’re technically in a recession now. next year will be worse. wth are you talking about lol
My productivity is in the toilet. With no raises on the horizon, I am super unmotivated to excel, so I do enough to go under the radar. Id love a shorter work week and compress my work into 3 or 4 jam-packed days rather than 5 8-hour days.
That's a fantastic attitude you've got there. I wonder what your motivation will be like when you're unemployed because you haven't been doing your job...
"You get what you pay for." So you think that workers are nothing more than off-the-shelf products to be picked up at the local Walmart whenever more is needed?
@@fasthowtoYes. Thats literally how recruiting employees you post a job posting and get hundreds of applications (potential products to purchase). The company can then browse the shelfs, occasionally picking up various products and checking them out (interviewing), before deciding on one to checkout and buy (offer + employment)
@@ddk9467That's how hiring *new* employees works. That doesn't appear to be what OP is getting at. The fact of the matter is that when they were "picked up off the shelf", they agreed to do X job for Y pay. Now, they are reneging on that agreement.
The biggest factor causing the productivity slump is that most workers have seen pay cuts in terms of real pay (Covid era inflation outpaced any nominal wage gains). So it’s no surprise that if workers earn less every year they’ll be depressed and output will go down. I don’t see this changing until real wages rise significantly to make up for recent inflation. We need to see 30-40% bumps, like those recently achieved by unions in the airlines and shipping industries.
But if that happens, since CEOs and shareholders rabidly insist on making more and more money year after year forever, all prices will go up, and we'll be in the same situation as we're in now. This is how corporatism works in this country. The problem is, everyone in the US thinks this is capitalism and it's the best thing in the world. They've all been duped.
@@jesse7631 To fight inflation workers need to insist in COLA in all contracts and benefit programs public and private. That will put a crimp in the wage cut by inflation plans of the bosses.
They will just increase prices so the living standards won't change 😂😂 The reality is that the best way to fight them is for classified technology to be spread worldwide by doing that other countries can compete against US economy far stronger which will break the elites profits
Work from home is absolutely a productivity enhancement because I don’t have to make small talk with people I don’t care about. And maybe if people could make enough money to live instead of being saddled with student loans and high housing costs, high rent, and high utilities, they’d be more productive.
It's interesting that, during WWII, a huge percentage and volume of the Japanese war materials production was done in individual homes or basements on a consignment basis. This is why the population itself had to be included in targeting in the Tokyo fire bombings and both a-bomb drops = The "industrial" war supplies and equipment were coming from their homes.
People at home seldom produce anything since most production is carried out in factories by workers who operate and control massive amounts of machinery. That is just as true in Asia as it is in America. In fact the small operation is always being replaced by economies of scale. As Marx stated modern industry batters down all Chinese walls. It is also possible to over centralized as the Soviet experience shows but overall there is no reason to move into the factory or turn the home into a factory. Each only shows the bosses quest for profits at the expense of the social conditions of labor. Sure the assign of homework was an early way of getting more production out of workers just as the Irish immigrant who raised pigs in their working class London homes.
@@kimobrien. Not in WWII in Japan. They made wiring harnesses at home. Most of the world does not have the "zoning" tyranny of the U.S. and Europe. That's why Asia is full of shop-houses, where the family lives upstairs and runs a retail shop on the bottom floor. (It helps eliminate commuting and traffic.) The USA used to have this same liberty. If you research it, you'll find that Mr. Hewlett and Mr. Packard, in 1939, opened their company IN THEIR HOME GARAGE in a subdivision. Yes, they manufactured there and made retail sales there. You sheeple in the U.S. can't do that today. "Zoning" (which means favoritism by those in power for their own family in-laws and buddies to keep YOU out of competition) makes it "illegal."
Corporate-grade allhands speak starts at 8:24 If your boards truly wanted more productivity, you would correctly identify the true nature of the decline. Your hardest workers were not making up the metric, your CORE force left because you forced them to work for worse conditions under similar or worse pay than before. And then you berated the ones left to return to office. Nice job!
people have the reason productivity the video does not mention it as it's unavoidable . eventually you encounter diminishing returns on the latest machinery.
@@hudsonh3985 In this context, a message of "we need all-hands onboard to solve this problem [that mismanagement created]". It's an all-too-common retort following a period of management failures, where the expectation is that the workforce should somehow take the hit to save the quarter, the company, the economy, etc.
@@hudsonh3985 Bosses often create their own problems by refusing to maintain infrastructure so they can campaign on having a surplus in the budget. Next thing you know potholes and boil water notices are going out. They close down highway rest areas because the don't maintain them then they say they need to do a study on reopening with limited services or permanent closure. Meantime trucks have serous parking issues and if they kept up with maintenance to begin with they never would have needed a study or a closure. Then you have bosses wondering why everyone is getting off the Interstate at private rest stops that provide showers, parking, a hot meal and creature comforts.
The bosses want us to work the longest hours, at the fastest rate and for the lowest wages to boost their sagging profit rates. Profit rates go down as machines replace labor which is why the profit hungry bosses are in and out of crisis.
@@tHebUm18 That's been true since about 1973 but the long retreat by labor has come to an end and the bosses are now facing class struggle. The two party system that was so effective at containing protest is broken opening the road to building a class party of labor without the bosses.
It’s not about productivity, it’s more about who’s closest to the money printer. Politicians can raise their wage and invade other countries at the expense of taxpayers and unlimited money printing while not acknowledging increase pay in average Americans
@elir5573 Then let the company fail as production keeps going down. Not to mention innovation stagnated, and then they're left behind compared to other companies that have workers that do want to produce more/innovate. It's really not that hard to comprehend unless you're cognitively underdeveloped. It's okay to be stupid I don't expect much from the vacuous education system 😂
Personally, my productivity is down at work because I have too much to do. My workload was doubled last year when two coworkers left but only one of the positions was backfilled. The majority of the non-backfilled position's work was assigned to me. Now I'm too busy running around putting out fires to get anything else done. I'm working harder than ever, but achieving less of the metrics that are tracked.
What is the productivity level of a CEO? How does that compare to the productivity of a worker in a factory? Productivity measured in hours worked is just flawed. If the GDP is still growing and the population is declining, how can productivity be dropping?
Exactly! It can only mean that they're measure something else, if anything. However, there has been an increase on immigration to the US, maybe that is part of the reason.
In the measurement they simply divide gdp growth by the total hours work. If gdp is growing, but the amount of work hours has increased, then the productivity is declining
@@screwdriver1337 that makes sense. But then that means that GDP has increased slower than hours worked. It would be interesting to test if fewer hours worked increases productivity, because it could be the case that a big increase in hours worked causes a drop in productivity (a self-fulfilling prophecy).
We are already in the big crash, Inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated. If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
People believe their currency has the worth it does because they have no other option. Even in a hyper-inflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
You are right! I diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above 1.3m in net profit across high dividend yield stocks, ETF and bonds during this red season.
@@emiliabucks33 How can I reach out to this coach? because I'm seeking for a more effective investment approach How good is this person at portfolio diversification, particularly with regard to digital assets?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. “Dawn Maureen Humphrey is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
I’m not sure how it works in the private sector, but as a federal employee in a user fee funded position at an agency with liberal telework policies, my workload is determined by my level of experience (I’m senior level). So whether I work at home or in the office, I have lots of deliverables on strict deadlines and some projects that take a year to complete. And we do daily time reporting to show the amount of time we spend on each project type. I’m more productive at home because there are fewer interruptions so I can crank out work without distractions. Whether or not I’m doing my job and being productive is easily measured. I could make twice my salary by moving to the private sector, but my salary is adequate and the work life balance is favorable. And it makes me feel good that my work is serving the public. Maybe that sounds cheesy, but it motivates me to work harder because I’m able to see how my work benefits the public.
Maybe its less with WFH and more with the fact the salary is not keeping up with all the essential costs such as healthcare, rent, mortgage, food. So why bother exerting more effort if you won't be reaping the rewards. People dont get paid enough
This video and many more to come will try to push the narrative that work-from-home needs to stop. It's just because commercial real estate is collapsing in all the rich people are upset about it they want us to get back in our wage cages
I joined a small company years ago and almost instantly increased the productivity of a key output by something like 2000% because I understood the simple tools that could be leveraged for this process. A great deal of productivity improvement comes with better training and (sometimes simple) innovations. But, as mentioned in the video, these improvements are not always easy to capture and measure.
The trick to that is the same as with company success. A company isn't measured by how well its able to maintain success, its measured by how well it can show constant growth. Whatever productivity you increased gets praised today, becomes your baseline tomorrow, and the year after they're looking at you going 'ok, but we're not seeing any productivity Growth, what's wrong with you?'. Seen it time and time again, with person after enthusiastic 'I'm gonna change the world!' - metrics for most companies aren't set up for you to benefit off of these successes.
After 3 decades of people getting more productive creating more wealth for corporations while getting no real increases in pay, we're burnt out. We have seen prior generations work hard their whole lives to end up working at Walmart at 70. We're not falling for it anymore.
They never mention the obvious problems like corporate greed is at an all time high and wages do not keep up. CEO’s and owners are pocketing so much and working people don’t get enough. They push more hours and expect more work which is not a direct correlation. Jobs are also expecting too much with not enough time or resources to work with.
Because they are forcing people to work too much. People’s productivity decreases if they are forced to work more than 5 hours per day. Plus forcing people to commute especially by car lowers their productivity because driving is so stressful and miserable.
US employers are partly to blame. They don’t buy the equipment, software, or training necessary to increase worker’s productivity. Expecting something for nothing is insane!
High cost of living, high inflation, high rent prices, high mortgage payments, high car payments, high cost of food, goods, and fuel prices, but barely survivable wages to keep up with everything, take care of a family, or oneself who is single. That's why the Great Resignation still exists and will never go away. Companies that don't want to pay up, then their turnover rates will go up with it.
It’s overwhelming watching this video.. People here in US working hard more than anywhere else in the world. As a matter of fact there’s no work life balance here.
There absolutely is work life balance in the US. In fact, it's fantastic. The issue is that the people complaining to the contrary are paying for their poor decisions of the past, and refusing to take responsibility for the choices they've made that put them in the position they are in. Taking responsibility is the first step towards correcting the problem, but they'd rather clutch their participation trophies and cry how "the world owes me".
Why work at all when you can't even make ends meet working 3 jobs? What kind of quality of life can a person have working 3 jobs and are still struggling to maintain basic essentials? This is why criminality is appealing to some people.
The reason you can’t make ends meet is because you don’t provide enough value to society. I can work if I WANT to because I provide VALUE to the economy. I haven’t chose to take a contract since before the pandemic. I suppose I’m retired , but it feels weird to say that at 45. People complain about “not making ends meet.” It’s because you don’t do anything valuable.
what 3 jobs do you work at? can you weld? can you fix cars? can you build houses? can you do landscaping? are you a doctor, dentist, nurse, lawyer, pilot? if you answered no to everything then YOU ARE THE PROBLEM!!!!!
This is an annoying discussion. European workers work 400 hours/per year less than Americans. Yet the capitalists class wants us to be more productive?! In the end, I am just a human who has a life and loved ones. My productivity only serves to create useless items for human survival and has zero impact on a persons happiness.
Luckily enough Europeans have a more life-focused mindset to ensure protections are voted into policy, as opposed to Americans whose identity revolves more around how they earn their pay.
Useless items? Then you need to change YOUR life. I produce goods and services that other people want and are happy to pay for, because it ADDS (joy, pleasure, satisfaction) to their lives. You don't seem to understand how the free market works. Europeans need to work more, on average. And produce more wine WITHOUT sulfites in it and bring it to my table. I'll pay you for that.
This isn't even about intentional slow-downs. It's about management not investing in their employees. Giving your employees better skills and equipment costs money up front, but it will pay off in the long run - or even in the next year. Unfortunately, lots of management teams are focused on the results for the next *quarter*.
This has been my experience time and again. Making do with inferior or worn-out equipment over rhe long term simply wastes labor time and lowers output. We know what we need to get the job done faster, but management never listens.
@@nmize7623 Not me at my last job, working on a Windows 95 computer that was almost as old as I was, with management completely unwilling to actually upgrade it. "Hey, Mr. Manager, we could complete this task 50x faster if we had a PC that could actually work faster than a horse and buggy." BUT THAT WOULD COST MONEY EWWY.
In a fast changing world where innovation and acquisition have become "constant", even experienced retained staff cannot maintain the productivity levels. Its not just about problems with new hires, it is also about new products, new processes and new technology.
Its just the natural tendency of the profit rates to go down as machines replace living labor since the source of the profit is in the labor of the production workers exploited by the bosses.
Productivity likely declined because people are not paid nearly enough while COL has skyrocketed. People cannot imagine a future where their hard work pays off in the long term. The country is crippled with anxiety and depression. Any decline in productivity has next to nothing to do with remote work.
CNBC just proved these guys are out of touch, instead of insulting us by calling us lazy they changed the strategy by saying "productivity is low." We woke up to NO WAGE GROWTH. Wage theft is being committed by companies based on the extra profits these companies get. We're noticing them and we're becoming hopeless. The system is looking at productivity but not our wage losses, the diminishing power of our dollar. Productivity is given they just want to squeeze more sweat and blood out of us. I'm also seeing restrictions on our productivity by companies, they're stopping it also. I see it at my "Big Company", we don't meet numbers cuz we're understaffed, under paid, restrict us to low numbers to fail on purpose their daily goals. It's all rigged. This is just my experience.
I worked for a small agency as one of four developers. They fired my boss and the other guy ended up leaving. After a year of doing more than double the work I was doing before because they never hired a replacement, I request to be paid something similar to what my old boss made. Made sense to me since I took over all his responsibilities. They declined so I ended up looking elsewhere. Found a place that offered me 10 grand more and better benefits starting off.
We haven't been rewarded for working harder the entire time I've been alive. My friends who work harder than me all are getting taken advantage of. There's no point. We don't have to produce more. We have to create value & get paid for it.
Because the more you do, the more work that gets stacked on you. You never ever get compensated for it, and US companies look at workers as liabilities instead of assets. And you wonder why people are throwing in the towel? You can do better CNBC. It's plainly obvious why people have pumped the brakes. It's simple reciprocity.
How about paying people more so that they could provide more for themselves. They'd be more productive cause there other parts of life would be taken care of with money
@@fasthowto Source of profit is labor. "Output" doe not appear without labor. You can NOT build a perpetual motion machine that delivers "output" without labor. What is the source of value "Labor transform nature." John Locke. Only the modern Bourgeois Economist try's to deny the role of labor because it leaves the bosses mountains of profits exposed as the unjustified product of exploitation. So he invents a bunch of terminology to hide relationships and draws a bunch of supply and demand curve to look smart as he waves his hands in the air. You go to Walmart at different times of day or the week see if the prices fluctuate based upon the number of items on the shelf going up or down. Ask the auto repair bosses how they come up with your bill. Ask if they have someone in the background drawing up supply and demand curves and calculating output. .
I can't help but feel like this is the natural outgrowth of people feeling like their amount of work is not directly tied to their income. The harder that many work the more work they are given and their pay does not adjust accordingly. Because of this imbalance, it's almost foolish to push yourself to the extreme, or at least to work harder than comes naturally to an individual. I have had periods of time in my career where I have worked extremely hard and times where I have not and the adjustments in my pay have been more tied to economic changes than they ever have been to my effort. I feel like that's the problem. Also people working in lower end service jobs will never be able to afford to do anything beyond maybe rent and food despite them being essential to the functioning of our economy. The wealth needs to be distributed more evenly and it needs to be more directly tied to performance in order to increase productivity. How exactly you do that is crazy complicated and I have no idea what the solution is.
your quote.......... "I have had periods of time in my career where I have worked extremely hard and times where I have not and the adjustments in my pay have been more tied to economic changes than they ever have been to my effort." .............. This is exactly how I feel too.
So true about inaccuracies when measuring productivity. I work in the finance service sector and moved jobs within the same division of the bank I work for. I am paid more for my job but in terms of output I feel like it’s less work and less stress compared to my previous job. When measured in $ it may seem like my new job is more productive because I get paid more but this job is like semi-retirement compared to the last job I had that pay less. I’m sure these inefficiencies in the labor market is common. I was on vacation last week and visited my local comic book store, I am familiar with the staff and the clerk is not the owner but a worker. The store is pretty much dead during the weekday and I was basically the only customer digging through their inventory. The worker was so bored she was doing recreational activities while waiting for me to finish and ring up.
I and millions of regular people are out here busting our asses trying to make ends meet while i personally know of some who are sitting in their 2 million dollar home on a zoom call for 4 hours a day making $350k a year. Now you tell me who is more productive?
Price of everything shoots up by 40% (media says it's 5%). Meanwhile our wages only go up by 5% if we're lucky and the bosses are wondering why we arent more motivated to be productive?
Honestly this whole video makes me angry. The world was in genuine fear of dying for 3 years and then we have to battle the worst inflation in decades, and they wonder why we are happy little workers. Seriously?
This report is misleading. *Worker productivity had been consistently climbing for many decades and **_only recently has it slowed._* This is likely because workers increasing productivity over those decades was NOT rewarded with higher wages. Their wages have stayed flat since 1978 even though their productivity rose for 40 years after. So workers have stopped giving AF for their productivity because they are being screwed. *CNBC itself reported on this a year ago* : _"Wages in the U.S. have stagnated since the early 1970s. Between 1979 and 2020, workers' wages grew by 17.5% while productivity grew over three times as fast at 61.8%._
Came here to say this exact same thing. Workers are burned out and under appreciated. Have been for decades. Workers have realized they can slow down, and they should.
The biggest lie work harder get paid more, produce more per hour get paid more biggest lie. What happens is the boss see you doing more for less so they have no reason to pay you more.
To keep productivity growing you need innovation throughout a company, not just from some CEO as everyone focuses on. Engineers and other company members need to have a part in a company's growth, restructure, and direction. My favorite example is Nintendo. Nintendo was a playing card company that was going down the drain when a maintenence tech came up with a scissor-like grabber toy which saved the company. From what I recall, he invented the Gameboy.
and yet, its the CEO decided to go with his plan thats why Nintendo is where he is today. everyone has idea and innovations, good and bad its up to the CEO to make the right call to go forward or go down
Neat, let's take that example. Back in the early 2010s, Nintendo messed up. They released the Wii U console. The company was floundering, they were in a financial death spiral, it was as bad as it can get. Seeing how bad the situation was, and knowing that it would affect his rank and file employees in a very immediate way, Iwata took a 50% pay cut from his salary, so that it was redistributed to the workers at Nintendo. Since he makes billions, he barely felt the pay cut, but at the same time, Nintendo could retain all of their productive workers by that redistribution of capital. Not only did this work out fantastically for Nintendo, but they were able to retain their core development teams, who went on to create the Nintendo Switch, one of the best selling video game consoles ever. Let's review the notes from that historical example. How was Nintendo able to survive? Was it by pushing for productivity? Was it by "encouraging innovation?" Nope. It was by the ultra rich person at the top of the corporate ladder understanding that he doesn't do any of the work, and by redistributing his wealth to the people who actually needed it, he was able to weather hurricane that would have otherwise toppled the entire company, and thereon went to turn it back into one of the most successful companies ever. The key lesson here is that if CEOs horde their wealth like evil dragons, then they're the problem. The only way a company is every successful is if the innovative workers you want to work there are paid for their innovation. The CEO is just a figurehead; they don't create anything; they just have to hope they are able to gather talent who can create it for them.
This is not rocket science. People are struggling to pay bills due to inflation for cost of living expenses. People are watching their C-Suite executives get fat bonuses year after year for doing maybe a few meetings a year but for the rest of the time they virtually do no work and chill and quite literally vanish from public view to go play. It's based on this understanding people realized that they must match the work output for the amount they're taking home. Thus a lower productivity level. Why work more when you're going to be treated like garbage on that note?
Corporations simply want to get by on a skeleton crew to maximize profit. Enter automated processes (forcing customers to deal with online customer service) leaving whatever manual labor leftover added to the existing staff's workload.
I worked real hard for Ford motor company for nearly 10 years. Broke my neck in 2 places due to my job. They gave me a 10 year plaque and a 5 year legal battle for them still not admit fault. Good times
That only proves that YOU are a klutz and sub-standard employee. Most of us follow instructions and training TO THE LETTER and do not injure ourselves on the employer's property. I never did. In 50 years of work. It's called paying attention. Actually working like you are paid to do. Imagine that.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs Maria Reyes.
Unions need to come back in a big way. For all the naysayers there are several companies that are union, pay good wages and still make a handsome profit. If you're trying to come from the angle that things will be more expensive they're already expensive.
@@brianholguin6338 The VA does not even cover that, for our veterans. The unions, now run by marxist handlers, supported Biden and CAUSED the current disaster. Have you bought any gasoline lately? Did you ever put on YOUR combat boots and serve (like I did)?
This was a quality video to watch and I think you nailed it! What I’ve seen in IT is exactly what you explained - Workers hunkering down, and so are employers for that matter. I think you should always aim high with goals and projects as you are constantly building on your resume.
Oooh those evil workers hunkering down and undeserving. What about those exploitive corporate masters that sucked down our souls without making good on the promise of hard work equals a rise in pay? A big lie. I sold my soul, sacrificed my body, and believed all my life. So, the crooks moved up. Believers never got paid, only used.
13:23 is he high? Working twice as much per hour does NOT mean you get paid twice as much per hour. It means you get a $20 Starbucks gift card and a "good job!".
I'm an American that currently lives in Shenzhen, China. No one is less productive than the average Chinese worker. They will pull 12 hour days and accomplish less than what I can do in a few hours. In China, the work culture is not WHAT you're doing at work, simply that you're AT work (even if you have absolutely nothing to do). I think it comes from just having such a huge population, they just throw people at a problem until it gets solved, rather than having the right person do it correctly the first time. Every Chinese business I've worked for has been the most inefficient business I've ever seen, until I start a new job at a different Chinese business.
I find it odd that they kinda just place the weight of this discussion on the average American worker. They never mentioned the wage gap between executives and basically every being below them. When they said ‘if you’re twice as productive in the same amount of time, you will get paid twice as much…’ I literally laughed out loud. No, I do not expect to get paid twice as much. I expect my bosses to recognize that I am productive, rely on me even more, and for them to claim higher bonuses next year while I am lucky to get a cost of living raise and pizza party. I also thought it was odd that they didn’t discuss the impact of unaffordable healthcare. Everyone is walking around with illnesses and injuries that they can’t afford to have treated. That is absolutely going to impact productivity. I feel like that deserved more of a mention than climate change, or at least the same amount of discussion. Oh and let’s not forget the fact that inflation without wage growth means people are spending more time just trying to survive. You can’t consistently ‘show up’ at work if you’re struggling to meet your basic needs.
Wages haven’t kept up with homes,apartments,automobiles prices,utilities,insurance,taxes or nothing else!!!!#RecordProfitsAre’tTricklingDownToTheMiddleClassOrPoorClass
this cannot be considered journalism. the fist section of how productivity is measured is full of flaws. So what are we basing this thesis of decline on if the data collection method is so flawed!? and who's labor is measured? Are executives included? home makers? politicians?
Also, that graph they're citing is hilarious. It shows that productivity spiked during the pandemic, probably because everyone was happy working from home. Then it shows productivity falling, which seems to align with the push for everyone to go back to the office. After that, we see productivity returning to "nominal" levels before the pandemic began. So even though all of them are haranguing about how productivity dropped by unbelievable metrics, that's only if you measure post-WFH. In reality, productivity is rising past pre-pandemic levels. So freakin' disingenuous.
Everyone is so short staffed that they often retain employees that should be fired. With many employees having no fear of being fired, their performance drops. That causes the good employees to bear a larger burden of the work, but even they cannot entirely pick up the bad employee's slack, and still, overall productivity drops.
BINGO! Now you're onto something. The inevitable outcome then is that the good employees leave, and get hired by a better company that recognizes their value and is willing to pay them accordingly. The outcome? All these poor quality employees complaining in the comment sections on various social medial platforms, while the good employees laugh all the way to the bank. And yet, when the good employees try to point this out to the poor employees, the poor employees just cry harder about how "if I was paid more I'd work harder". They'll never get it.
I know for the company I worked 10 years for, All our slumped productivity came down to us trade issues with China, as all the company's OE part suppliers are manufactured in China Shipping issues forced poor productivity as well.
I work in the petrochemical industry. I can tell you, from my viewpoint, that constant policy changes and this never ending push for safety, kills productivity. Policies made by people who have never done the work, sitting at desks trying to come up with new rules to justify their own jobs. Over reaching HR departments. People are expected to perform like machines and never make mistakes. I've seen people with years of valuable experience, make a simple safety mistake, and get terminated. Just for them to go work for the competition. People see this, and it shows. No one will work hard, knowing that management won't have you're back if you make a small safety error. You won't get fired for lack of productivity as quickly as you will for making a safety violation. And that's just to scratch the surface.
The communist Chinese can. They have over a MILLION U.S. green cards and bought up millions of houses in California, often with $500k (corruption) cash.
@@fasthowto Unfortunately, there are no green cards for white people. None of it is reciprocal. There are no reciprocal civil and property rights for Americans in Asian countries, for example, though Asians have millions of U.S. green cards with full rights.
High productivity is not conducive to high quality of life. After covid, people realized that being productive doesn’t equate to higher pay. And when you live in a world where people that work full time jobs can barely make ends meet, there is no incentive to work hard.
@@ryanmc2175I agree they are a big problem, but AI is not the panacea that many people think it is. This country doesn't need AI, it needs a work ethic.
So who is representing the worker In this insert? Why are the workers not as productive if the promise is, if you work twice as hard you'll get twice the rewards?
Productivity is taking a hit due to wages!!! I’ve been remote for 12 years now and the pay is lagging so u get what you pay for…No one is wasting their time with these corporations that clearly don’t care about their employees- it’s time we take a stand for more pay!!!!!!!!
Productivity is taking a hit because of your attitude. I've been remote myself for over a decade, and my wages have increased tremendously during that time. The fact that you somehow think a company should "care" about you is laughable. Companies care about the job, the results, the WORK. Do good work, get rewarded. Feel you're being treated unfairly or not being rewarded? Get a different job that treats you better and rewards you. It's not a difficult concept. The ONLY one you're helping by staying at a bad job is the company.
endless productivity growth is not a given there will come a point you hit hard law of nature. building Railroads drasically increased productivity and no invention yet has be able to match that onoe.
On remote work, even if it were the case people were less productive working remote, and that at a larger scale that translates to somewhat slower economic and income growth, that would be a trade off I'd be willing to make, at least speaking for myself. I'd take a pay cut to work from home.
The truth of the matter is that there are jobs out there where you don't have to take a pay cut to work from home. You just need to work up the nerve to make the change.
Remote work is more productive because you avoid the 1hr commute time and can work for longer immediately on your pc. It's just a fact. It's also why most would rather work for tech than healthcare.
All these people care about is money, not the well being of Americans who are stressed, over-worked, depressed and BORED!!! America produces enough goods and services in one day to last the entire year.
Productivity is decades ahead of wages. What you thought was going to happen? Short term mindset gets short term results. It's funny how the option is either workers work harder or rich people get richer.
We’re actually a lot more productive now compared to 30yrs ago before all this tech we have. With that said I think it would help that the standard work week is 36hrs instead of 40hrs. A 7hr work day would certainly help with productivity in my opinion. Of course hourly wages will increase so everyone can still make the same as a 40hr week, but not like output decreases when we lose a lot of productivity in that last hr anyway.
You are bad at math. 7 * 5 is 35, not 36. Further, the reason you "lose a lot of productivity in that last hr" is because you have a poor work ethic. Successful people give their all, all the time. "If it's worth doing, it's worth doing right."
@@fasthowto LOL calm down. It's called rounding down. I can't be that bad at math if I have an engineering degree... and I work 45hrs a week on average so don't tell me about my work ethic. Perhaps work a little harder on your RUclips channel instead of trying to dot i's and cross t's on comment sections.
@@DomViktorlolwut? A degree in engineering what, exactly? Whatever it is must not involve any math. How do you get a BIGGER number when you're "rounding DOWN"? At least I'm trying.. LOL It's a lot more art than science, which is pretty foreign to me.
This was depressing. You can't have constant productivity-growth. Eventually we burn out. We're broke, exhausted, tired of working harder only to see our lives getting worse, tired of getting fired at the drop of a hat anytime 'investor profits don't show constant extreme growth', tired of being treated like numbers while all the promises given to previous generations (health, house, retirement, savings, vacations, time with our families) are stripped away... so on behalf of American workers? We're kinda fed up caring about 'company productivity' when we see how little that benefits Us and how little companies give a damn about us. Time to look out for ourselves 'cause they certainly won't.
One simple way to fix productivity, tie CEO's wages to that of their lowest paid employee. I believe during Eisenhauer that ratio was around 60:1, (probably one of our most productive periods in US history), today it's over 400:1. I have no issues with the Steve Jobs of the world, they created a company and made billions. Where I have issues is with the Tim Cook's and Jamie Diamond's of the world, making hundreds of millions for essentially being the equivalent of a Captain of an oil tanker. They carry cargo, they move cautiously and slow, making small adjustments as they go, they do the same route, the same ting, over and over again. Example, my I phone, is it really any different than several generations ago? But is that business model really entitle them to make the money they do? To me that strikes of a broken and inefficient model. Productivity should apply to heads of corporations as much as it does to labor but it doesn't. When was the last time a head of a US bank or corporation was replaced by some young kid from India or China for 1/10th of their salary? I think that's at least one of the contributors to "A Productivity Problem."
Jobs should have tuned into organic vegetarian food as a young man and stayed away from ALL drugs. He would have lived a lot longer and created more innovation. Geniuses don't know everything and are often deficient in large areas outside their specialty. (I've outlived him by a long shot. I know something about this subject.)
US productivity led the world for years while wages remained stagnant. Workers noticed that the fruits of increased productivity all went to executives and shareholders. If it doesn't matter how hard you work then it doesn't matter how hard you don't. As a machinist for 23 years who went back to school to become a technology manager I saw both sides.
You’re spot on. It’s been a long time since America infested in labor. The labor has grown tired of it. Good.
@@xianzheng63 ok commie
This video was like "we're not sure where all the gains from computerization went". Oh, I think we know that they went into the pockets of a very small group.
So if companies offer you stocks, a piece of a company, is that not reaping the fruits of your hard work? Everyone works hard, company does better, price of the stocks you own increases. Executives also don’t get paid millions in salary. Just millions in stocks.
The USSR and China absolutely throttled us as far as production. It really isn't close. Capitalism is extremely inefficient.
If you want a real answer don't ask the men in suit, ask the people whose productivity is supposedly "going down".
I feel its that productivity isnt increasing and for management and executives, if the productiviti hasn't increased, its gone down lol
They're too important to talk to first hand sources, lmao. You think they wanna mingle with us or hear our side of the story, still? Find some independent creators like The Maverick of Wall Street, Perun, Money & Macro, etc. People who aren't legally beholden to shadowy (as in anonymous) investors. And if you don't think the investors are shadowy, who are they? Can you name them?
"If you produce twice as much per hour, you're gonna get paid twice as much per hour." -Guy who hasn't worked a real job in 30+ years
Lmaooo right!? If you produce twice as much, you maybe get a 15% pay increase
Not even close. In most jobs you get an hourly wage. All you get for working harder is to get screwed by your boss because they unfairly put more work load on you than your co-workers precisely BECAUSE you are working harder. So technically you are getting paid LESS if the metric is effort expended.
I laughed so hard when I heard it.
The harder you work and more you get done, the more they expect out of you.
This is actually a key issue. Let's say you're a hair stylist or a barber. You service 6 clients in an hour instead of 3... you're going to earn more. However, if you work at a local fast food chain, or you work at another hourly wage job, your productivity is not necessarily rewarded with higher income. More likely they bring down the hammer and say that you're productivity doesn't match someone else's so if you want to keep your job, you'd better be more productive. You being more productive in a wage paying job, will in the vast majority of cases result in providing more profit for your employer (he/she may not need to hire someone else, or they benefit from your increased work) but that won't translate into higher income for you because the employer will say: "If I give it to you, I have to give it to everyone." so instead they 'may' thank you for being an exceptional worker and tell you they appreciate it, but it doesn't translate into increased monetary compensation.
What I noticed most about this is the increasing wage gap and the disparity between the average worker and the top executives aren't discussed at all as a potential factor for slowing production. When workers feel valued they work harder, but for so long wage growth for workers has stagnated while we hear about massive bonuses in the tens of millions for a chosen few. Companies are more worried about benefiting investors than they are about benefiting their employees.
The benefits go to the top, of course. Bobby needs a new yacht, shareholders want dividends, etc.
Bobby needs a yacht of course
It's also about people being stuck in their old ways and not evolving. People have 0% creativity. Nobody wants to be competitive. Competition rises all boats. All they care about is how many millions and billions they make even if it means companies go out of business or get bought out. Investing in your workers and your workers invest in you and your workers will have my drive and creativity. When you have too many chiefs and not enough indians, everything goes south
Start sharing company ownership with employee OWNERSHIP programs and watch productivity lead all the world (again).
@@davidb2206 yeah maybe getting a share a week of the company stock in each paycheck.
Low morale, bad bosses, burn out, wages that don’t cover basics, no job security, no growth path, hostile work environment, ageism, companies that don’t want to hire, train or promote, take your pick.
Training is huge. There's essentially no training provided to new hires anymore. Then everyone gets frustrated.
And the joke is ageism goes both ways. It’s like everyone wants a 35-45 year old worker and if you’re above or below you’re screwed
All of this is the result of government policy and taxes. Employers don't want to give low wages and lack of growth... They are trying to fight the system themselves to get there but it's nearly impossible given the overwhelming government regulations and taxes.
I'm a business owner. Trust me.
I literally laughed when thay one guy said "If you're producing twice as much, you're likely making twice as much" 😂😂 I work my ass off and my pay went up 1.5% between 2022 and 2023.
Then get a different job.
@fasthowto Wow, I never would have thought of that! I work for a large company that made over $20B in profits last year... I'm a skilled worker that can barely afford to live in my city. Why shouldn't my employer pay me a wage I deserve?
@@ksieli1985 because that's not how the world works. That job doesn't exist so that you can get a paycheck, it exists because the company needs that job done. Jobs don't pay what the employee deserves, they pay what that job is WORTH. If you think you're worth more, then like I said - get a different job. It's not that complicated.
@@ksieli1985 also, if you can't afford to live in the city you're in, then stop voting liberal (because it's expensive) and move to a less expensive city. None of these things are complicated to figure out, they're just not what you (and millions like you) want to hear.
@fasthowto So, to solve my problem I'm to move from my hometown and away from my entire family, leave the job I have, and move to a smaller city, and find a better paying job... Hmmmm neh, guess I'll vote liberal so the government can tax and regulate entitled A-hole millionaires and billionaires and their businesses. I say bully the rich till they pay a living wage. But hey, you have you're way, I'll do it mine. :)
They always want to blame the lower level workers and never look at how higher level people spend their day
Higher level people are watched far more closely.
@@ПавелСургутов-о7гyet they sit on their ass all day... and all they do is delegate. maybe we need to get rid of some bloated executive salaries.
@@biner01you go ahead and do that
@@TampaBoy happy to
@@biner01 can’t wait, hero
We're working harder more now than ever! I work 50 hours a week and still feel behind. My team is seriosuly understaffed. It's crazy!
The benefits go to the top, of course. Bobby needs a new yacht, shareholders want dividends, etc.
@@ericwood3709 yes i want my 4 cent dividend per $250 share. i can tell you own no stocks. oh and only 10% my stocks pay dividends. i guess the others make no profits after paying greedy employees.
Well hire my ass, how much y’all pay?
You’re probably on your phone commenting on buffoonery at work. If not, I’d love to see your screen time between your work hours.
@RussianTanksAreMadeOfPotatoes Sounds like Jealousy
If you want people to be productive, pay them enough so that they're motivated to produce.
The lazy always have something to justify their laziness
This also why should I work my ass off just to pay someone's mortgage
produce enough to generate your pay
@@thomascrimlisk8557 go start your own biz then and work alone
@@Ilovejoebidenforever cool where is that at? what company, city and state? i want to go apply there!
CNBC is in the tank for the 1 percent. That's all you need to know about this video.
THIS ^
Exactly and thank you.
💯
As proven in countries like Japan, working more doesn’t always mean getting more productivity. It has diminishing results past a certain point.
Also you know… everyone broke af.
Especially in societies like Japan where presence time is rewarded over actually producing. For most low-security office jobs we’re finding that just one day a week is already plenty of face to face.
You won't be broke if you get on the baby steps/fpu or the ramsey system and stick with it. I am completely debt-free, as are lots of Americans.
Blame people who voted Biden
Higher wages
More time off
Retain productive employees instead of firing them
30 hour work week should be started in some job sectors 6 hour workdays versus 8 are better for many people more beneficial for parents, which humans have full energy for 8 hours straight no one does
add more breaks on the job, more exhaustion = faster quit/leaving rate
A few seconds or minutes of appreciating your employees can go a long way for them to keep the productivity/hard work going
Here's my last 2 sense adding unnecessary stress, anxiety and exhaustion onto citizens isn't gonna make them more productive or want to put in more effort. Feeling taking for granted doesn't make people wanna go above and beyond.
@@Comeback180 Add more free birth control and more spaying and neutering. You don't need to be breeding if you are stressing and don't have the resources for another human's education and medical care.
Maybe people are tired of putting in all the extra hours just to see the workers being treated like SH*T. The pandemic showed everyone how little we are appreciated.
I definitely learned a lot, even before the pandemic. I've been treated like crap at basically every job I have. If you work harder, and do awesome things for your company, the company says, "Neat, you set the new standard. Now do that but better." But asking a worker who is putting in 100% to put in 200% instead is not how reality works. Lots of people learned this, and that's why so many of us are putting in 50% instead. If they're going to ask us to double or triple our productivity without giving us any tangible reason to do so, then why should we work at 100%? That's just inefficient.
manufacturer's rights
"No one is sure why." Treating workers like disposable slave labor instead of with respect and with equal pay to CEOs. Everyone finally woke up during the pandemic and we can't and won't go back. Time to treat people like human beings instead of as slaves.
We will see, if a recession pushes unemployment up to 10%+ I have a feeling a lot of "empowered" workers are going back to saying "yes sir whatever you need" pretty quick.
@@link10909 Except almost all economists - we're talking in the range of 90% - believe that we've dodged a recession. What is more likely to happen is that as companies continue calling workers into the office, we're going to see a second wave of the "Great Resignation." Because wages aren't rising to meet inflation, workers are naturally less loyal to companies or positions, because why would you be loyal to a company that deliberately says they don't care about your wellbeing?
@@heychrisfox Economists are an interesting bunch of group think, soothsayers. They have predicted how many recessions accurately?
Consumer debt is rising, and spending numbers remain deceptively high. In consumer led recessions people worry about losing their jobs so they cut spending and save. Companies experience less sales so they cut people.
In an inflation led recession, people don't want to save because they will lose money by just holding it and they cant cut spending because even if they wanted to normal non-discretionary items are taking up those resources. GDP stays high for longer since buying a $10 dollar loaf of bread looks the same on paper as buying $10s of bread, meat, and cheese. The high GDP keeps stock confidence high, and the inflation keeps money in the equity markets resulting in higher markets for longer.
Now how does this end? Well consumers will use up all their entire credit lines and be unable to pay. Bankruptcies will hit the bank/credit card industries, fear of more will cause them to tighten credit availability which will push a lot more people over the edge, that will roll into retail sales drop which will then cut those jobs jobs. Layoffs will result in the above classical recessions model.
When might this start? Well student loan payments restart soon, a massive expense that many haven't budgeted for in years and is notoriously under considered by the debt holders.
@@link10909 That much is fair. I was speaking about the last couple years when economists and capitalists were doom-saying over the recession that never occurred.
But the point you made about student loan payments restarting, yeah, I think that's going to be a major shock to the system that nobody is really talking about.
@@heychrisfoxidk where you got that from 90% lol literally every video ive seen on RUclips with economists says the exact opposite. that we’re technically in a recession now. next year will be worse. wth are you talking about lol
My productivity is in the toilet. With no raises on the horizon, I am super unmotivated to excel, so I do enough to go under the radar. Id love a shorter work week and compress my work into 3 or 4 jam-packed days rather than 5 8-hour days.
That's what I'm to do.
Great idea
4x10s was once a rising alternative, though I haven’t heard much about it lately
I worked for one of those companies. The 5th day was mandatory, it was a scam to force overtime. @@doujinflip
That's a fantastic attitude you've got there. I wonder what your motivation will be like when you're unemployed because you haven't been doing your job...
Sounds like you’re super motivated to jump in the unemployment line then.
After raises and inflation net pay is down. Not hard to see why individual productivity is down. You get what you pay for.
*boom!*
One of the people in the video. Refered to uninflationary growth as produtivity. I.e high inflation but low growth = low produtivity.
"You get what you pay for." So you think that workers are nothing more than off-the-shelf products to be picked up at the local Walmart whenever more is needed?
@@fasthowtoYes. Thats literally how recruiting employees you post a job posting and get hundreds of applications (potential products to purchase). The company can then browse the shelfs, occasionally picking up various products and checking them out (interviewing), before deciding on one to checkout and buy (offer + employment)
@@ddk9467That's how hiring *new* employees works. That doesn't appear to be what OP is getting at. The fact of the matter is that when they were "picked up off the shelf", they agreed to do X job for Y pay. Now, they are reneging on that agreement.
The biggest factor causing the productivity slump is that most workers have seen pay cuts in terms of real pay (Covid era inflation outpaced any nominal wage gains). So it’s no surprise that if workers earn less every year they’ll be depressed and output will go down. I don’t see this changing until real wages rise significantly to make up for recent inflation. We need to see 30-40% bumps, like those recently achieved by unions in the airlines and shipping industries.
lolw end workers ahve seen 50% bumps. maybe not in places like texas but in the real world.
But if that happens, since CEOs and shareholders rabidly insist on making more and more money year after year forever, all prices will go up, and we'll be in the same situation as we're in now. This is how corporatism works in this country. The problem is, everyone in the US thinks this is capitalism and it's the best thing in the world. They've all been duped.
@@jesse7631 To fight inflation workers need to insist in COLA in all contracts and benefit programs public and private. That will put a crimp in the wage cut by inflation plans of the bosses.
@@jesse7631You were doing SO well there for a second... LOL
They will just increase prices so the living standards won't change 😂😂
The reality is that the best way to fight them is for classified technology to be spread worldwide by doing that other countries can compete against US economy far stronger which will break the elites profits
Work from home is absolutely a productivity enhancement because I don’t have to make small talk with people I don’t care about. And maybe if people could make enough money to live instead of being saddled with student loans and high housing costs, high rent, and high utilities, they’d be more productive.
It's interesting that, during WWII, a huge percentage and volume of the Japanese war materials production was done in individual homes or basements on a consignment basis. This is why the population itself had to be included in targeting in the Tokyo fire bombings and both a-bomb drops = The "industrial" war supplies and equipment were coming from their homes.
People at home seldom produce anything since most production is carried out in factories by workers who operate and control massive amounts of machinery. That is just as true in Asia as it is in America. In fact the small operation is always being replaced by economies of scale. As Marx stated modern industry batters down all Chinese walls. It is also possible to over centralized as the Soviet experience shows but overall there is no reason to move into the factory or turn the home into a factory. Each only shows the bosses quest for profits at the expense of the social conditions of labor. Sure the assign of homework was an early way of getting more production out of workers just as the Irish immigrant who raised pigs in their working class London homes.
@@kimobrien. Not in WWII in Japan. They made wiring harnesses at home. Most of the world does not have the "zoning" tyranny of the U.S. and Europe. That's why Asia is full of shop-houses, where the family lives upstairs and runs a retail shop on the bottom floor. (It helps eliminate commuting and traffic.) The USA used to have this same liberty. If you research it, you'll find that Mr. Hewlett and Mr. Packard, in 1939, opened their company IN THEIR HOME GARAGE in a subdivision. Yes, they manufactured there and made retail sales there. You sheeple in the U.S. can't do that today. "Zoning" (which means favoritism by those in power for their own family in-laws and buddies to keep YOU out of competition) makes it "illegal."
Nothing you said makes any sense.
@@khj5582 Yeah it did. Sorry.
Corporate-grade allhands speak starts at 8:24
If your boards truly wanted more productivity, you would correctly identify the true nature of the decline.
Your hardest workers were not making up the metric, your CORE force left because you forced them to work for worse conditions under similar or worse pay than before.
And then you berated the ones left to return to office. Nice job!
what does allhands mean?
people have the reason productivity the video does not mention it as it's unavoidable . eventually you encounter diminishing returns on the latest machinery.
@@hudsonh3985 In this context, a message of "we need all-hands onboard to solve this problem [that mismanagement created]". It's an all-too-common retort following a period of management failures, where the expectation is that the workforce should somehow take the hit to save the quarter, the company, the economy, etc.
@@mandisaw lovely I appreciate your explanation.
@@hudsonh3985 Bosses often create their own problems by refusing to maintain infrastructure so they can campaign on having a surplus in the budget. Next thing you know potholes and boil water notices are going out. They close down highway rest areas because the don't maintain them then they say they need to do a study on reopening with limited services or permanent closure. Meantime trucks have serous parking issues and if they kept up with maintenance to begin with they never would have needed a study or a closure. Then you have bosses wondering why everyone is getting off the Interstate at private rest stops that provide showers, parking, a hot meal and creature comforts.
A loss of productivity is worth it when in exchange you get quality of life for the workers
The bosses want us to work the longest hours, at the fastest rate and for the lowest wages to boost their sagging profit rates. Profit rates go down as machines replace labor which is why the profit hungry bosses are in and out of crisis.
being in debt is better quality of life?
Unfortunately, we get neither. All the money from working harder or productivity growth just goes to lining the pockets of execs and shareholders.
@@tHebUm18 That's been true since about 1973 but the long retreat by labor has come to an end and the bosses are now facing class struggle. The two party system that was so effective at containing protest is broken opening the road to building a class party of labor without the bosses.
@@tHebUm18 welcome to the corporate world, want your own money, go start a business
It’s not about productivity, it’s more about who’s closest to the money printer. Politicians can raise their wage and invade other countries at the expense of taxpayers and unlimited money printing while not acknowledging increase pay in average Americans
That's why we need unions and a labor party independent of the Boss parties.
american laws
Tired of employers underpaying us. Profit sharing should be mandatory for companies earning more than $10mm per year or more.
I agreee. Share in the increases.
Did you share in the misery to get there?....didn't think so.
@@elir5573That concept is lost on the last few generations...
@elir5573 Then let the company fail as production keeps going down. Not to mention innovation stagnated, and then they're left behind compared to other companies that have workers that do want to produce more/innovate. It's really not that hard to comprehend unless you're cognitively underdeveloped. It's okay to be stupid I don't expect much from the vacuous education system 😂
@@elir5573that's the past. If the company wants to grow, the employees should grow with it
Personally, my productivity is down at work because I have too much to do. My workload was doubled last year when two coworkers left but only one of the positions was backfilled. The majority of the non-backfilled position's work was assigned to me. Now I'm too busy running around putting out fires to get anything else done. I'm working harder than ever, but achieving less of the metrics that are tracked.
Sounds like you should leave too
Same man. Same.
What is the productivity level of a CEO? How does that compare to the productivity of a worker in a factory? Productivity measured in hours worked is just flawed. If the GDP is still growing and the population is declining, how can productivity be dropping?
Exactly!
It can only mean that they're measure something else, if anything.
However, there has been an increase on immigration to the US, maybe that is part of the reason.
In the measurement they simply divide gdp growth by the total hours work. If gdp is growing, but the amount of work hours has increased, then the productivity is declining
@@screwdriver1337 that makes sense. But then that means that GDP has increased slower than hours worked. It would be interesting to test if fewer hours worked increases productivity, because it could be the case that a big increase in hours worked causes a drop in productivity (a self-fulfilling prophecy).
We are already in the big crash, Inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated. If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
People believe their currency has the worth it does because they have no other option. Even in a hyper-inflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
You are right! I diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above 1.3m in net profit across high dividend yield stocks, ETF and bonds during this red season.
@@emiliabucks33 How can I reach out to this coach? because I'm seeking for a more effective investment approach How good is this person at portfolio diversification, particularly with regard to digital assets?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. “Dawn Maureen Humphrey is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
I’m not sure how it works in the private sector, but as a federal employee in a user fee funded position at an agency with liberal telework policies, my workload is determined by my level of experience (I’m senior level). So whether I work at home or in the office, I have lots of deliverables on strict deadlines and some projects that take a year to complete. And we do daily time reporting to show the amount of time we spend on each project type. I’m more productive at home because there are fewer interruptions so I can crank out work without distractions. Whether or not I’m doing my job and being productive is easily measured. I could make twice my salary by moving to the private sector, but my salary is adequate and the work life balance is favorable. And it makes me feel good that my work is serving the public. Maybe that sounds cheesy, but it motivates me to work harder because I’m able to see how my work benefits the public.
A government employee that thinks they are serving the public. God help us all....
Maybe its less with WFH and more with the fact the salary is not keeping up with all the essential costs such as healthcare, rent, mortgage, food.
So why bother exerting more effort if you won't be reaping the rewards. People dont get paid enough
This video and many more to come will try to push the narrative that work-from-home needs to stop. It's just because commercial real estate is collapsing in all the rich people are upset about it they want us to get back in our wage cages
Exactly !!!!
If you don't like your job, get one that pays better.
@@fasthowto Incorrect. In a society, the majority is the standard.If it doesn't work for most people, then it doesn't actually work at all.
@@kevintsuyoi901 you can tell yourself that all you like, but that doesn't make it reality...
We live in such a toxic economy....hard to earn, but so remarkably easy to spend, spend, spend.....
That's what happens when domestic labor becomes too expensive.
I joined a small company years ago and almost instantly increased the productivity of a key output by something like 2000% because I understood the simple tools that could be leveraged for this process. A great deal of productivity improvement comes with better training and (sometimes simple) innovations. But, as mentioned in the video, these improvements are not always easy to capture and measure.
Ok but did they increase salaries reasonably in line with how the business may have benefitted?
@@abcdedfg8340I’ll bet anything they weren’t
@@abcdedfg8340 They get awful quiet when you ask simple questions, huh?
The trick to that is the same as with company success. A company isn't measured by how well its able to maintain success, its measured by how well it can show constant growth. Whatever productivity you increased gets praised today, becomes your baseline tomorrow, and the year after they're looking at you going 'ok, but we're not seeing any productivity Growth, what's wrong with you?'. Seen it time and time again, with person after enthusiastic 'I'm gonna change the world!' - metrics for most companies aren't set up for you to benefit off of these successes.
After 3 decades of people getting more productive creating more wealth for corporations while getting no real increases in pay, we're burnt out. We have seen prior generations work hard their whole lives to end up working at Walmart at 70. We're not falling for it anymore.
They never mention the obvious problems like corporate greed is at an all time high and wages do not keep up. CEO’s and owners are pocketing so much and working people don’t get enough. They push more hours and expect more work which is not a direct correlation. Jobs are also expecting too much with not enough time or resources to work with.
Because they are forcing people to work too much. People’s productivity decreases if they are forced to work more than 5 hours per day. Plus forcing people to commute especially by car lowers their productivity because driving is so stressful and miserable.
Commuting by car has nothing to do with, the US is almost twice as productive as a country like Japan or south Korea where many take public transit.
Hahahuahahahahhhhh@hwhwhhahahahahahahahhhh@
US employers are partly to blame. They don’t buy the equipment, software, or training necessary to increase worker’s productivity. Expecting something for nothing is insane!
High cost of living, high inflation, high rent prices, high mortgage payments, high car payments, high cost of food, goods, and fuel prices, but barely survivable wages to keep up with everything, take care of a family, or oneself who is single.
That's why the Great Resignation still exists and will never go away. Companies that don't want to pay up, then their turnover rates will go up with it.
The fact that you think your employer somehow owes you anything other than what you agreed to when you were hired is humorous.
@fasthowto it's not that bud, if you pay me 20 dollars, don't expect 40$ effort on my end
I agree.
@@CatManOfTaste the fact that you think there is a difference between $20 and $40 is why you will never understand.
@@fasthowto there is a difference between 40 and 20, 20 dollars
You're outputting more per hour, and your boss is reaping more of what you produce. That's what produtivity is.
It’s overwhelming watching this video.. People here in US working hard more than anywhere else in the world. As a matter of fact there’s no work life balance here.
There absolutely is work life balance in the US. In fact, it's fantastic. The issue is that the people complaining to the contrary are paying for their poor decisions of the past, and refusing to take responsibility for the choices they've made that put them in the position they are in. Taking responsibility is the first step towards correcting the problem, but they'd rather clutch their participation trophies and cry how "the world owes me".
Maybe we have too many guys sitting around formulating declarations of productivity instead of getting their ass to the loading dock.
I literally heard a Walmart store speaker one day: "All MALES to the loading dock."
Why work at all when you can't even make ends meet working 3 jobs? What kind of quality of life can a person have working 3 jobs and are still struggling to maintain basic essentials? This is why criminality is appealing to some people.
The reason you can’t make ends meet is because you don’t provide enough value to society. I can work if I WANT to because I provide VALUE to the economy. I haven’t chose to take a contract since before the pandemic. I suppose I’m retired , but it feels weird to say that at 45.
People complain about “not making ends meet.” It’s because you don’t do anything valuable.
what 3 jobs do you work at? can you weld? can you fix cars? can you build houses? can you do landscaping? are you a doctor, dentist, nurse, lawyer, pilot? if you answered no to everything then YOU ARE THE PROBLEM!!!!!
@@SgtJoeSmith amen brother ! Flipping burgers , working at Starbucks , and target aren’t real jobs
@@stankythecat6735 45 year olds riding their bicycle delivering newspapers 1 hour a day complaining they dont make a living wage.
@@stankythecat6735 Amen brother? There's no seat waiting for you in heaven based on the ignorance you're showing the world.
This is an annoying discussion. European workers work 400 hours/per year less than Americans. Yet the capitalists class wants us to be more productive?! In the end, I am just a human who has a life and loved ones. My productivity only serves to create useless items for human survival and has zero impact on a persons happiness.
Luckily enough Europeans have a more life-focused mindset to ensure protections are voted into policy, as opposed to Americans whose identity revolves more around how they earn their pay.
Americans still are significantly more productive than Europeans despite working more hours
Useless items? Then you need to change YOUR life. I produce goods and services that other people want and are happy to pay for, because it ADDS (joy, pleasure, satisfaction) to their lives. You don't seem to understand how the free market works. Europeans need to work more, on average. And produce more wine WITHOUT sulfites in it and bring it to my table. I'll pay you for that.
This isn't even about intentional slow-downs. It's about management not investing in their employees. Giving your employees better skills and equipment costs money up front, but it will pay off in the long run - or even in the next year. Unfortunately, lots of management teams are focused on the results for the next *quarter*.
This has been my experience time and again. Making do with inferior or worn-out equipment over rhe long term simply wastes labor time and lowers output. We know what we need to get the job done faster, but management never listens.
@@nmize7623 Not me at my last job, working on a Windows 95 computer that was almost as old as I was, with management completely unwilling to actually upgrade it. "Hey, Mr. Manager, we could complete this task 50x faster if we had a PC that could actually work faster than a horse and buggy." BUT THAT WOULD COST MONEY EWWY.
In a fast changing world where innovation and acquisition have become "constant", even experienced retained staff cannot maintain the productivity levels. Its not just about problems with new hires, it is also about new products, new processes and new technology.
Its just the natural tendency of the profit rates to go down as machines replace living labor since the source of the profit is in the labor of the production workers exploited by the bosses.
Productivity likely declined because people are not paid nearly enough while COL has skyrocketed. People cannot imagine a future where their hard work pays off in the long term. The country is crippled with anxiety and depression. Any decline in productivity has next to nothing to do with remote work.
CNBC just proved these guys are out of touch, instead of insulting us by calling us lazy they changed the strategy by saying "productivity is low." We woke up to NO WAGE GROWTH. Wage theft is being committed by companies based on the extra profits these companies get. We're noticing them and we're becoming hopeless. The system is looking at productivity but not our wage losses, the diminishing power of our dollar. Productivity is given they just want to squeeze more sweat and blood out of us. I'm also seeing restrictions on our productivity by companies, they're stopping it also. I see it at my "Big Company", we don't meet numbers cuz we're understaffed, under paid, restrict us to low numbers to fail on purpose their daily goals. It's all rigged.
This is just my experience.
I worked for a small agency as one of four developers. They fired my boss and the other guy ended up leaving. After a year of doing more than double the work I was doing before because they never hired a replacement, I request to be paid something similar to what my old boss made. Made sense to me since I took over all his responsibilities. They declined so I ended up looking elsewhere. Found a place that offered me 10 grand more and better benefits starting off.
We haven't been rewarded for working harder the entire time I've been alive. My friends who work harder than me all are getting taken advantage of. There's no point. We don't have to produce more. We have to create value & get paid for it.
"It's not that I'm lazy Bob, it's that I just don't care": Peter from the film classic Office Space
Because the more you do, the more work that gets stacked on you. You never ever get compensated for it, and US companies look at workers as liabilities instead of assets. And you wonder why people are throwing in the towel? You can do better CNBC. It's plainly obvious why people have pumped the brakes. It's simple reciprocity.
How about paying people more so that they could provide more for themselves. They'd be more productive cause there other parts of life would be taken care of with money
Bosses are only interested in profits. Profit ratres go down as machines replace labor since the source of the profit is our labor.
Definitely makes sense
False
@@kimobrien.Wrong. The source of profit is output.
@@fasthowto Source of profit is labor. "Output" doe not appear without labor. You can NOT build a perpetual motion machine that delivers "output" without labor. What is the source of value "Labor transform nature." John Locke. Only the modern Bourgeois Economist try's to deny the role of labor because it leaves the bosses mountains of profits exposed as the unjustified product of exploitation. So he invents a bunch of terminology to hide relationships and draws a bunch of supply and demand curve to look smart as he waves his hands in the air. You go to Walmart at different times of day or the week see if the prices fluctuate based upon the number of items on the shelf going up or down. Ask the auto repair bosses how they come up with your bill. Ask if they have someone in the background drawing up supply and demand curves and calculating output. .
I can't help but feel like this is the natural outgrowth of people feeling like their amount of work is not directly tied to their income.
The harder that many work the more work they are given and their pay does not adjust accordingly.
Because of this imbalance, it's almost foolish to push yourself to the extreme, or at least to work harder than comes naturally to an individual.
I have had periods of time in my career where I have worked extremely hard and times where I have not and the adjustments in my pay have been more tied to economic changes than they ever have been to my effort.
I feel like that's the problem.
Also people working in lower end service jobs will never be able to afford to do anything beyond maybe rent and food despite them being essential to the functioning of our economy.
The wealth needs to be distributed more evenly and it needs to be more directly tied to performance in order to increase productivity.
How exactly you do that is crazy complicated and I have no idea what the solution is.
your quote.......... "I have had periods of time in my career where I have worked extremely hard and times where I have not and the adjustments in my pay have been more tied to economic changes than they ever have been to my effort." .............. This is exactly how I feel too.
So true about inaccuracies when measuring productivity. I work in the finance service sector and moved jobs within the same division of the bank I work for. I am paid more for my job but in terms of output I feel like it’s less work and less stress compared to my previous job. When measured in $ it may seem like my new job is more productive because I get paid more but this job is like semi-retirement compared to the last job I had that pay less. I’m sure these inefficiencies in the labor market is common. I was on vacation last week and visited my local comic book store, I am familiar with the staff and the clerk is not the owner but a worker. The store is pretty much dead during the weekday and I was basically the only customer digging through their inventory. The worker was so bored she was doing recreational activities while waiting for me to finish and ring up.
I and millions of regular people are out here busting our asses trying to make ends meet while i personally know of some who are sitting in their 2 million dollar home on a zoom call for 4 hours a day making $350k a year. Now you tell me who is more productive?
Price of everything shoots up by 40% (media says it's 5%). Meanwhile our wages only go up by 5% if we're lucky and the bosses are wondering why we arent more motivated to be productive?
Honestly this whole video makes me angry. The world was in genuine fear of dying for 3 years and then we have to battle the worst inflation in decades, and they wonder why we are happy little workers. Seriously?
This report is misleading. *Worker productivity had been consistently climbing for many decades and **_only recently has it slowed._* This is likely because workers increasing productivity over those decades was NOT rewarded with higher wages. Their wages have stayed flat since 1978 even though their productivity rose for 40 years after. So workers have stopped giving AF for their productivity because they are being screwed.
*CNBC itself reported on this a year ago* : _"Wages in the U.S. have stagnated since the early 1970s. Between 1979 and 2020, workers' wages grew by 17.5% while productivity grew over three times as fast at 61.8%._
Came here to say this exact same thing. Workers are burned out and under appreciated. Have been for decades. Workers have realized they can slow down, and they should.
Well when out of 100 employees only 20 are actually working then productivity is bound to take a hit
More like, if you produce twice as much, you’re gonna be expected to produce three more times for the same pay.
The biggest lie work harder get paid more, produce more per hour get paid more biggest lie. What happens is the boss see you doing more for less so they have no reason to pay you more.
To keep productivity growing you need innovation throughout a company, not just from some CEO as everyone focuses on. Engineers and other company members need to have a part in a company's growth, restructure, and direction.
My favorite example is Nintendo. Nintendo was a playing card company that was going down the drain when a maintenence tech came up with a scissor-like grabber toy which saved the company. From what I recall, he invented the Gameboy.
and yet, its the CEO decided to go with his plan thats why Nintendo is where he is today. everyone has idea and innovations, good and bad its up to the CEO to make the right call to go forward or go down
Neat, let's take that example. Back in the early 2010s, Nintendo messed up. They released the Wii U console. The company was floundering, they were in a financial death spiral, it was as bad as it can get. Seeing how bad the situation was, and knowing that it would affect his rank and file employees in a very immediate way, Iwata took a 50% pay cut from his salary, so that it was redistributed to the workers at Nintendo. Since he makes billions, he barely felt the pay cut, but at the same time, Nintendo could retain all of their productive workers by that redistribution of capital. Not only did this work out fantastically for Nintendo, but they were able to retain their core development teams, who went on to create the Nintendo Switch, one of the best selling video game consoles ever.
Let's review the notes from that historical example. How was Nintendo able to survive? Was it by pushing for productivity? Was it by "encouraging innovation?" Nope. It was by the ultra rich person at the top of the corporate ladder understanding that he doesn't do any of the work, and by redistributing his wealth to the people who actually needed it, he was able to weather hurricane that would have otherwise toppled the entire company, and thereon went to turn it back into one of the most successful companies ever.
The key lesson here is that if CEOs horde their wealth like evil dragons, then they're the problem. The only way a company is every successful is if the innovative workers you want to work there are paid for their innovation. The CEO is just a figurehead; they don't create anything; they just have to hope they are able to gather talent who can create it for them.
maybe there should be more options than just 9-5 5days a week. I would love to work less hrs and have them be more meaningful
Then get a job that affords you that opportunity?
Why should I work harder when I know I ain't getting more than a 2-3% raise if any at all no matter what I do.
Maybe people are working to the level that they are getting paid... 🤔
Acting our wage you say?!
Or maybe they are dishonest and lazy and working BELOW it.
And that is exactly why they aren't being paid better. Didn't your momma ever teach you to dress for the job you want, not the job you have?
The real question is how to increase productivity without actually working? And how can we solve this problem without thinking?
LOL
😂 good one
This is not rocket science. People are struggling to pay bills due to inflation for cost of living expenses. People are watching their C-Suite executives get fat bonuses year after year for doing maybe a few meetings a year but for the rest of the time they virtually do no work and chill and quite literally vanish from public view to go play. It's based on this understanding people realized that they must match the work output for the amount they're taking home. Thus a lower productivity level. Why work more when you're going to be treated like garbage on that note?
hahahahahahahahahahahahahahahaha
Corporations simply want to get by on a skeleton crew to maximize profit. Enter automated processes (forcing customers to deal with online customer service) leaving whatever manual labor leftover added to the existing staff's workload.
I worked real hard for Ford motor company for nearly 10 years. Broke my neck in 2 places due to my job. They gave me a 10 year plaque and a 5 year legal battle for them still not admit fault. Good times
That only proves that YOU are a klutz and sub-standard employee. Most of us follow instructions and training TO THE LETTER and do not injure ourselves on the employer's property. I never did. In 50 years of work. It's called paying attention. Actually working like you are paid to do. Imagine that.
Low pay, toxic cultures, poor management, cost of living.....shall i keep going?
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Maybe execs should give workers more than half a crumb of the whole pie they're keeping for themselves
Unions need to come back in a big way. For all the naysayers there are several companies that are union, pay good wages and still make a handsome profit. If you're trying to come from the angle that things will be more expensive they're already expensive.
No. Unions supported BIDEN and caused this giant disaster for everybody. The teachers' union is marxist-run. I wouldn't give them a plug nickel.
Hahahahahahwhhhahhahhhhhahahwhwhwhhwhhwhhahahahahahahahah
yup UPS is one of them. record profits and they’re paying their employees very well. the union also covers medical, dental and vision benefits.
@@brianholguin6338 The VA does not even cover that, for our veterans. The unions, now run by marxist handlers, supported Biden and CAUSED the current disaster. Have you bought any gasoline lately? Did you ever put on YOUR combat boots and serve (like I did)?
This was a quality video to watch and I think you nailed it! What I’ve seen in IT is exactly what you explained - Workers hunkering down, and so are employers for that matter. I think you should always aim high with goals and projects as you are constantly building on your resume.
Oooh those evil workers hunkering down and undeserving. What about those exploitive corporate masters that sucked down our souls without making good on the promise of hard work equals a rise in pay? A big lie. I sold my soul, sacrificed my body, and believed all my life. So, the crooks moved up. Believers never got paid, only used.
13:23 is he high? Working twice as much per hour does NOT mean you get paid twice as much per hour. It means you get a $20 Starbucks gift card and a "good job!".
He's a C suite guy, he doesn't know the first thing about hourly wages.
I'm an American that currently lives in Shenzhen, China. No one is less productive than the average Chinese worker. They will pull 12 hour days and accomplish less than what I can do in a few hours. In China, the work culture is not WHAT you're doing at work, simply that you're AT work (even if you have absolutely nothing to do). I think it comes from just having such a huge population, they just throw people at a problem until it gets solved, rather than having the right person do it correctly the first time. Every Chinese business I've worked for has been the most inefficient business I've ever seen, until I start a new job at a different Chinese business.
I find it odd that they kinda just place the weight of this discussion on the average American worker. They never mentioned the wage gap between executives and basically every being below them. When they said ‘if you’re twice as productive in the same amount of time, you will get paid twice as much…’ I literally laughed out loud. No, I do not expect to get paid twice as much. I expect my bosses to recognize that I am productive, rely on me even more, and for them to claim higher bonuses next year while I am lucky to get a cost of living raise and pizza party.
I also thought it was odd that they didn’t discuss the impact of unaffordable healthcare. Everyone is walking around with illnesses and injuries that they can’t afford to have treated. That is absolutely going to impact productivity. I feel like that deserved more of a mention than climate change, or at least the same amount of discussion.
Oh and let’s not forget the fact that inflation without wage growth means people are spending more time just trying to survive. You can’t consistently ‘show up’ at work if you’re struggling to meet your basic needs.
Wages haven’t kept up with homes,apartments,automobiles prices,utilities,insurance,taxes or nothing else!!!!#RecordProfitsAre’tTricklingDownToTheMiddleClassOrPoorClass
JUST RAISE THE DARN MINIMUM WAGE!
13:19 - 13:26 "probably" is doing a lot of heavy lifting here.
WFH cut down emissions by a massive degree. Might as well continue.
this cannot be considered journalism. the fist section of how productivity is measured is full of flaws. So what are we basing this thesis of decline on if the data collection method is so flawed!? and who's labor is measured? Are executives included? home makers? politicians?
Also, that graph they're citing is hilarious. It shows that productivity spiked during the pandemic, probably because everyone was happy working from home. Then it shows productivity falling, which seems to align with the push for everyone to go back to the office. After that, we see productivity returning to "nominal" levels before the pandemic began. So even though all of them are haranguing about how productivity dropped by unbelievable metrics, that's only if you measure post-WFH. In reality, productivity is rising past pre-pandemic levels. So freakin' disingenuous.
Why is anything that is even slightly in favor of the American worker always attacked by economists?
Because cnn foxnews msnbc are all owned by corps and the rich. Do not trust anything they say
Everyone is so short staffed that they often retain employees that should be fired. With many employees having no fear of being fired, their performance drops. That causes the good employees to bear a larger burden of the work, but even they cannot entirely pick up the bad employee's slack, and still, overall productivity drops.
BINGO! Now you're onto something. The inevitable outcome then is that the good employees leave, and get hired by a better company that recognizes their value and is willing to pay them accordingly. The outcome? All these poor quality employees complaining in the comment sections on various social medial platforms, while the good employees laugh all the way to the bank. And yet, when the good employees try to point this out to the poor employees, the poor employees just cry harder about how "if I was paid more I'd work harder". They'll never get it.
I know for the company I worked 10 years for,
All our slumped productivity came down to us trade issues with China, as all the company's OE part suppliers are manufactured in China
Shipping issues forced poor productivity as well.
I work in the petrochemical industry. I can tell you, from my viewpoint, that constant policy changes and this never ending push for safety, kills productivity. Policies made by people who have never done the work, sitting at desks trying to come up with new rules to justify their own jobs. Over reaching HR departments. People are expected to perform like machines and never make mistakes. I've seen people with years of valuable experience, make a simple safety mistake, and get terminated. Just for them to go work for the competition. People see this, and it shows. No one will work hard, knowing that management won't have you're back if you make a small safety error. You won't get fired for lack of productivity as quickly as you will for making a safety violation. And that's just to scratch the surface.
Great idea, lets throw safety out the window for increased profits...
@@skyisreallyhigh3333 Is that what I said? There is a balance to everything. Going too far in either direction is bad.
@skyisreallyhigh3333 Nuance isn't most peoples forte. Clearly what you imply is not what OP is conveying.
Actual monetary rewards vs pizza parties work. We’re not in grade school
Why should we be more productive? We can't even afford to live in our own country anymore.
The communist Chinese can. They have over a MILLION U.S. green cards and bought up millions of houses in California, often with $500k (corruption) cash.
Then move to a different one? Nobody is stopping you.
@@fasthowto Unfortunately, there are no green cards for white people. None of it is reciprocal. There are no reciprocal civil and property rights for Americans in Asian countries, for example, though Asians have millions of U.S. green cards with full rights.
@@fasthowtocan’t afford to
@@ildyivy nonsense. People walk barefoot and float on car doors to get here. You just don't want it bad enough.
The harvest is plentiful the workers are few. Many are called few are chosen
High productivity is not conducive to high quality of life.
After covid, people realized that being productive doesn’t equate to higher pay. And when you live in a world where people that work full time jobs can barely make ends meet, there is no incentive to work hard.
Spoken like a true victim.
@@fasthowtoLazy workers are a big problem and are partially why AI developement is such a large area of opportunity growth for companies.
@@ryanmc2175I agree they are a big problem, but AI is not the panacea that many people think it is. This country doesn't need AI, it needs a work ethic.
So who is representing the worker In this insert? Why are the workers not as productive if the promise is, if you work twice as hard you'll get twice the rewards?
That's right back to work wage slaves. This manager needs to be able to impress. Our CEO needs his new yacht by the end of the year!!!!😂😂😂
"Wage growth"
I lmao'd. If you're seriously asking why productivity is having a negative effect in this economy, bro, OPEN A F$#KING WINDOW!
Productivity is taking a hit due to wages!!! I’ve been remote for 12 years now and the pay is lagging so u get what you pay for…No one is wasting their time with these corporations that clearly don’t care about their employees- it’s time we take a stand for more pay!!!!!!!!
Productivity is taking a hit because of your attitude. I've been remote myself for over a decade, and my wages have increased tremendously during that time.
The fact that you somehow think a company should "care" about you is laughable. Companies care about the job, the results, the WORK. Do good work, get rewarded. Feel you're being treated unfairly or not being rewarded? Get a different job that treats you better and rewards you. It's not a difficult concept. The ONLY one you're helping by staying at a bad job is the company.
@@fasthowtoExcellent.
endless productivity growth is not a given there will come a point you hit hard law of nature. building Railroads drasically increased productivity and no invention yet has be able to match that onoe.
*Pay people what they NEED and we wouldn't have this problem. Just problems and issues around every nook and cranny it seems like*
On remote work, even if it were the case people were less productive working remote, and that at a larger scale that translates to somewhat slower economic and income growth, that would be a trade off I'd be willing to make, at least speaking for myself. I'd take a pay cut to work from home.
The truth of the matter is that there are jobs out there where you don't have to take a pay cut to work from home. You just need to work up the nerve to make the change.
Remote work is more productive because you avoid the 1hr commute time and can work for longer immediately on your pc. It's just a fact. It's also why most would rather work for tech than healthcare.
All these people care about is money, not the well being of Americans who are stressed, over-worked, depressed and BORED!!! America produces enough goods and services in one day to last the entire year.
Change the system
That takes work, and you can already see how all these people feel about work...
Productivity is decades ahead of wages. What you thought was going to happen? Short term mindset gets short term results. It's funny how the option is either workers work harder or rich people get richer.
We’re actually a lot more productive now compared to 30yrs ago before all this tech we have. With that said I think it would help that the standard work week is 36hrs instead of 40hrs. A 7hr work day would certainly help with productivity in my opinion. Of course hourly wages will increase so everyone can still make the same as a 40hr week, but not like output decreases when we lose a lot of productivity in that last hr anyway.
You are bad at math. 7 * 5 is 35, not 36. Further, the reason you "lose a lot of productivity in that last hr" is because you have a poor work ethic. Successful people give their all, all the time.
"If it's worth doing, it's worth doing right."
@@fasthowto LOL calm down. It's called rounding down. I can't be that bad at math if I have an engineering degree... and I work 45hrs a week on average so don't tell me about my work ethic. Perhaps work a little harder on your RUclips channel instead of trying to dot i's and cross t's on comment sections.
@@DomViktorlolwut? A degree in engineering what, exactly? Whatever it is must not involve any math. How do you get a BIGGER number when you're "rounding DOWN"?
At least I'm trying.. LOL It's a lot more art than science, which is pretty foreign to me.
@@fasthowto 36hr work week is a 7.2hr work day. Round down to 7… it’s not that difficult.
@@DomViktorYou can attempt to justify it in your own head however you like, that doesn't magically make it correct.
This was depressing. You can't have constant productivity-growth. Eventually we burn out. We're broke, exhausted, tired of working harder only to see our lives getting worse, tired of getting fired at the drop of a hat anytime 'investor profits don't show constant extreme growth', tired of being treated like numbers while all the promises given to previous generations (health, house, retirement, savings, vacations, time with our families) are stripped away... so on behalf of American workers? We're kinda fed up caring about 'company productivity' when we see how little that benefits Us and how little companies give a damn about us. Time to look out for ourselves 'cause they certainly won't.
One simple way to fix productivity, tie CEO's wages to that of their lowest paid employee. I believe during Eisenhauer that ratio was around 60:1, (probably one of our most productive periods in US history), today it's over 400:1. I have no issues with the Steve Jobs of the world, they created a company and made billions. Where I have issues is with the Tim Cook's and Jamie Diamond's of the world, making hundreds of millions for essentially being the equivalent of a Captain of an oil tanker. They carry cargo, they move cautiously and slow, making small adjustments as they go, they do the same route, the same ting, over and over again. Example, my I phone, is it really any different than several generations ago? But is that business model really entitle them to make the money they do? To me that strikes of a broken and inefficient model. Productivity should apply to heads of corporations as much as it does to labor but it doesn't. When was the last time a head of a US bank or corporation was replaced by some young kid from India or China for 1/10th of their salary? I think that's at least one of the contributors to "A Productivity Problem."
Jobs should have tuned into organic vegetarian food as a young man and stayed away from ALL drugs. He would have lived a lot longer and created more innovation. Geniuses don't know everything and are often deficient in large areas outside their specialty. (I've outlived him by a long shot. I know something about this subject.)
@@davidb2206oh wow i didn’t know you were job’s doctor? did he have cancer in his bloodline? please tell me doctor.
We used to be rewarded for working efficiently. Now we aren't, so we don't.
Peopld used to work. Now they don't. So why pay them?