The publication refers to recent research from EY-Parthenon, the global strategy consulting arm of Ernst & Young. The firm found that the U.S. has had five consecutive quarters of year-over-year productivity declines — a new occurrence in a data set stretching back 75 years.
Productivity dropped 2.7 percent in the first quarter of this year compared to last year. Hours spent working grew 3 percent while quarter-over-quarter output rose disproportionately, at 0.2 percent, according to the report.
Multiple factors have contributed to this trend, Gregory Daco, EY-Parthenon’s chief economist, told Fortune. Pandemic-induced increases in turnover are making it difficult for organizations to train and retain an experienced workforce. Remote work could also be hampering productivity.
As a result, more bosses could make back-to-office pushes, Mr. Daco predicts. It’s already happening in some spaces, including healthcare; President Joe Biden recently directed federal agencies to bring employees under the same roof amid scrutiny of HHS’ work-from-home productivity.
“We’ll probably see more weight towards three to four days in the office, rather than one or two, if the labor market slows,” Mr. Daco told Fortune.
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