In a continuously evolving business environment, understanding productivity trends is crucial for organizations aiming to optimize performance. ActivTrak's Productivity Lab has refreshed its latest benchmark report, covering the first half of 2024. This in-depth analysis provides an objective view of workforce behaviors across industries and work locations, helping organizations assess their current position, identify areas for improvement and reinforce positive trends.
About the Data
The ActivTrak Productivity Lab benchmarks are based on aggregated data collected from January 1 to June 30, 2024. This extensive dataset encompasses:
- 958 companies
- 135,098 employees
The metrics presented reflect the median quartile of the customer base, providing a balanced view of productivity trends.
Key Findings
Our analysis included over 20 industries but findings centered on the four largest in our customer base.
Financial Services: Leaders in Productive Time
Employees in the Financial Services sector set the bar high:
- +30 minutes more productive time per day compared to cross-industry peers
- +9% higher healthy utilization rate
These figures suggest that Financial Services companies have effective strategies to maximize employee productivity while maintaining a healthy work environment.
Healthcare: High Productive Time, but is it sustainable?
The Healthcare industry paints a mixed picture:
- +36 minutes more productive time per day than cross-industry average
- Over 1/3 of employees at risk of attrition due to burnout or disengagement
While Healthcare workers are highly productive, the data raises concerns about sustainable work practices and employee well-being in this sector.
Insurance: Efficiency with less collaboration
Insurance industry employees demonstrate strong performance metrics:
- Higher than cross-industry averages in most areas
- -18 minutes per day spent in collaborative applications
- 41% fewer employees classified as underutilized
These findings suggest that Insurance companies have optimized individual workflows but may need to reassess their collaborative practices.
Professional Services: Maximizing Utilization
The Professional Services industry stands out in terms of employee utilization:
- 50% lower underutilization rate compared to both cross-industry and Healthcare industry medians
This indicates that Professional Services firms are particularly effective at matching workload to capacity, potentially leading to higher overall productivity.
Implications for Businesses
These benchmarks provide valuable, moment-in-time reference points for organizations across various sectors. Here's how teams can leverage this data:
- Assess current performance: Compare your team's metrics against industry peers and cross-industry benchmarks to identify areas of strength and opportunity.
- Set realistic goals: Use these benchmarks to establish achievable productivity targets that align with industry standards.
- Learn from high performers: Explore the practices of top industries and high performers within your organization to identify strategies that can be applied across your organization.
- Monitor employee well-being: Pay attention to utilization rates to ensure that high performance is sustainable and doesn't come at the cost of employee health.
The ActivTrak Productivity Lab Benchmarks for 1H 2024 provide a valuable snapshot into workforce productivity across different industries. By understanding these trends, organizations can make data-driven decisions to optimize their operations, improve employee satisfaction and drive business success.
While these benchmarks provide useful comparisons, it's essential to consider them in the context of your organization's unique goals, culture and challenges. Use this data as a starting point for deeper analysis and targeted improvements in your broader workforce management strategies.
Location Insights
As part of this study, the Lab also wanted to understand how different work location models impact employee productivity and well-being. Our research included 141 companies representing 33,500 employees.
The study categorized work location types based on daily data records, defining them as remote-only, remote-first, office-first, office-only and hybrid. Each category represents a distinct approach to where employees spend their working hours.
One of the most notable findings centers on remote-only employees. These workers, who spend all their time working outside the traditional office environment, exhibit the highest rate of overutilization across all working models, spending 31% of their time in this state. This group also demonstrates the highest level of focus, recording 4 hours and 24 minutes of concentrated work time per day. In contrast, office-first employees – those who spend more than 60% of their time in the office – spend 68% of their time in a healthy utilization state, indicating a more balanced approach to their workday. This suggests that the structure and routine of office life, combined with some flexibility for remote work, may contribute to more sustainable work habits.
When it comes to breaks, employees across different work models log similar amounts of break time, ranging from 104 to 120 minutes per day. Hybrid workers are the exception, recording approximately 90 minutes of break time per day. This reduced time could be attributed to various factors, such as the need to maximize productivity during in-office days or the natural breaks that occur when transitioning between work locations.
These findings offer valuable insights for companies as they navigate the complexities of modern work arrangements. While remote work offers unparalleled focus, it also comes with the risk of overutilization. On the other hand, office-centric models seem to promote a more balanced work experience. As organizations continue to refine their work location strategies, understanding these nuances will be key to fostering productive, engaged and well-balanced teams.
Stay tuned for future updates from ActivTrak's Productivity Lab as we continue to track and analyze trends in the future of work.
