Labour productivity: approaches to evaluation in the light of modern global challenges

Abstract

In the article the methodical approaches to determining the labour productivity are studied. The relation between the indicators of the dynamics of labor productivity, the number of employees and the average wage are analyzed. There is a significant excess of wage growth over the rate of increase in productivity, which indicates a lack of correlation between wages and productivity. A comparative analysis of the dynamics of labour productivity of countries with different levels of GDP per capita is described. Partial indicators are given as the basis of the index of inclusive development (IDI) calculation especially an indicator of labour productivity. The low level of labour productivity in Ukraine among the other countries of the world is reflected; it is proved that such low level of labour productivity for many years restrains economic growth and exacerbates a number of social problems, including the crisis of the pension system. It is determined that having a low growth rates of labour productivity in the future will increase the gap between Ukraine and other post-socialist countries that show high growth rates of productivity. The reduction of the importance of the factor of working hours in ensuring high productivity is justified. The factors that determine the level and dynamics of labor productivity at the micro- and macroeconomic levels are systematized. The focus is made on the sectoral structure of employment, which in Ukraine is irrational and does not help to increase the labour productivity. The latest global factors that influence productivity are described, including mass automation of production, robotics, the widespread use of artificial intelligence, and the gradual transition to stakeholder capitalism. Emphasis is placed on historical and mental factors that affect labour productivity through the formation of attitudes to work. It is noted that they are formed by generations and are inert to change. It is recommended at the enterprise level to use productivity management as a direction and important part of human-oriented management.