Working It Best of: How Scandinavia cracked the productivity puzzle
Jun 4, 2024
Exploring productivity challenges in the UK and learning from Scandinavian and Japanese economies. Contrasting work cultures, communication dynamics, and the impact of external advice on productivity. Insights on stagnant wages, work-life balance, and consensus-building in decision-making processes.
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UK's Productivity Puzzle
- UK productivity dropped sharply after the financial crisis and lags peers like France and European countries.
- Each business function sees productivity differently, hindering unified improvement efforts.
Avoiding Outside Help Harms UK
- UK businesses often avoid external advice, unlike peers, reducing their ability to predict and improve performance.
- This reluctance contributes to underperformance and hinders overall economic productivity growth.
Nordic Productivity Culture
- Scandinavian countries compress workdays to ensure everyone can attend to family duties, boosting efficiency.
- Productivity is embedded in their culture, making work smarter and more result-focused.