A new report has highlighted the stark difference between the tools that workers say they need, and the tools they’re actually given by their employers, and it could be costing US businesses alone up to $6.5 billion each week.
The findings from cloud computing company Domo focused on the productivity and strategic engagement of more than 3,000 workers, and found that many companies had left them unable to perform at their full potential due to a lack of technology and strategic data – a sentiment it calls ‘sleepworking’.
Almost two-thirds (62%) of the participants said that they could get more work done if they had better tech tools, with more than half (58%) claiming that their technology needs have increased in the last five years, likely due to the effects of the pandemic and the increase in hybrid working.
Productivity tools for workers
Companies’ lack of investment in the right tools isn’t just costing them lost work, it’s also costing them in staff. Around a quarter of the workers had reported a high turnover in the past year, compared with nearly three-quarters (71%) when the focus was refined to companies that were in need of better tools.
The lack of adequate tools is also costing workers their happiness, according to the findings of the Utah-based company.
“In this economy, organizations of all sizes must optimize every aspect of their business. And while one of the biggest and most strategic investments a business makes is in its people, organizations are not unlocking the full potential of their workforce if employees are ‘sleepworking’,” Domo CEO John Mellor explained.
While there clearly lies a challenging year ahead for many, this study highlights the critical need for businesses to refine their worker offerings or risk losing more.
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