The Pandemic Is Widening the Corporate Productivity Gap

#pandemic #corporate

The pandemic saw many organisations rethink their business models, reimagine new product lines. Many companies adopted bold steps to face the pandemic crisis. Organisations went agile, employees many of whom had never worked a day in their life remotely took to Work from Home. Everything and everyone went digital. New McKinsey Global Institute research finds that there is potential to accelerate annual productivity growth by about 1% in the period of 2024. These are welcome and positive signs since these numbers double the pre-pandemic productivity growth.



The pandemic has witnessed an increased complexity in process, an increased need to connect teams across geographies, an urgent need to break down silos at workplaces. Enabling collaboration is the key to improve employee productivity. The Institute for Corporate Productivity and Professor Rob Cross of Babson College carried out a survey of 1100 companies and found that collaborative work is five times more likely to result in higher performance. A collaborative environment also helps lower costs, reduce timelines, improve productivity and increase return on investment by connecting various teams in complex business and cultural environments to promote common goals, foster shared values and build relationships. The Harvard Business School and New York University data is consistent with what we have observed at many companies: Poor collaboration and inefficient work practices have reduced productive time by 2% to 3% for most organisations.


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