WORKER PRODUCTIVITY – ECONOMY
News: Infosys founder Narayanamurthy advocated for 70 hour worker
productivity
What's in the news?
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Recently, the Infosys
founder N.R. Narayana
Murthy recently said that young Indians must work for 70 hours a week.
What is worker productivity?
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Worker productivity
refers to how much an employee can accomplish within a set amount of time.
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Productivity can look
different for different individuals and roles.
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On the other hand, Labour
productivity is a measure of economic performance that compares the amount of
output with the amount of labour used to produce that output.
Data on working time in India:
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According to the 2019
Time Use Survey, young Indians aged 15-29 spend over 7.2 hours a day on
employment and related activities in rural areas and 8.5 hours a day in urban
areas.
Benefits of long working hours:
1. Economy:
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Increased output and GDP
growth.
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Enhanced competitiveness
on a global scale.
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Expansion of employment
opportunities.
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Potential for higher tax
revenues for the government.
2. Industries:
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Higher production and
potential for increased profits.
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Greater flexibility to
meet market demands.
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Improved innovation and
product development.
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Enhanced market share and
sustainability.
3. Individuals:
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Opportunities for higher
income and career growth.
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Improved job security and
advancement prospects.
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Ability to meet financial goals and
aspirations.
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Gaining valuable work
experience and skills.
4. Society:
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Reduced unemployment and
poverty rates.
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Improved overall living
standards.
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Enhanced infrastructure
and public services.
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Potential for social and
community development.
Disadvantages of long working hours:
1. Economy:
●
Decreased worker
productivity and burnout.
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Increased healthcare
costs due to stress-related issues e.g., Higher medical expenses
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Limited opportunities for
new entrants in the job market.
2. Business:
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Reduced employee morale:
Frequent resignations and recruitment expenses
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Diminished creativity and
innovation in the long run.
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Greater absenteeism due
to health and personal issues e.g., More sick leave requests.
3. Individuals:
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Poor work-life balance:
Stress-related health problems
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Limited time for personal
and family life leading to Strained relationships
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Reduced personal
development and skill acquisition e.g., Limited time for education, hobbies and
self-improvement.
4. Society:
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Potential for decreased
family stability e.g., Increased divorce rates and family conflicts
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Reduced community
engagement and social cohesion e.g., Less time for participation in community
activities and volunteering.
WAY FORWARD:
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The call for extended
working hours to boost worker productivity raises complex issues regarding
labor exploitation, income distribution and India’s economic context.
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Direct comparisons with
Japan and Germany overlook India’s unique challenges and opportunities.
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A comprehensive approach
that addresses these intricacies is essential to ensure sustainable and
equitable development in India.