2023-10-12 18:24:32
According to Rexecode, the loss of productivity results mainly from “the evolution of the composition of the workforce, under the effect of job creation which took place mainly in relatively less productive sectors, while benefiting relatively less qualified profiles (including apprentices)”.
The creation of value through work, that is to say its productivity, has fallen by around 5% since 2019 in France, while wages have fallen in the face of inflation, according to an analytical note published Thursday by the Rexecode firm. The loss of productivity results, according to the note, “around 80%, from the evolution of the composition of the workforce, under the effect of job creation which took place mainly in relatively less productive sectors , while benefiting relatively less qualified profiles (including apprentices)”. “A third of the 1.2 million salaried jobs created since 2019 have been in apprenticeships, which would explain around two points of loss of productivity,” points out the author of the note, Olivier Redoulès.
“In addition, part of the job creations coincide with the clear drop in the unemployment rate and the increase in the employment rate since 2019. However, the job profiles concerned generally correspond to lower productivity levels due to “a lower level of qualification”, he noted.
For the remaining 20%, the drop in productivity can be explained in particular by “a shock in imported prices (notably energy) which spread very quickly in consumer prices, and more slowly in the added value of businesses”.
Big differences between sectors
This drop occurred while “compared to 2019, private sector wages grew less strongly than consumer prices, despite the clear acceleration in 2022, which particularly supported the lowest wages”. The basic salaries of executives have thus suffered a drop in purchasing power of 2.9% since 2019, compared to only 0.4% for those of workers and employees, according to Rexecode. The average salary, including bonuses, lost 2.5% of purchasing power between its average for the year 2019 and the second quarter of 2023, according to the same source.
There are great differences between sectors, some of which are experiencing profound transformations in their activity. Thus the building lost 14.9% of hourly productivity with “the rise in renovation, more labor intensive than new construction”. In transport equipment, the loss of hourly productivity even reaches 21.5%, due to “the evolution of product ranges, in the automobile with the dismantling of certain thermal vehicle production sites, or in the aeronautics, with the end of production of the A380”, analyzes Rexecode, which specifies that these sectors have still made the choice “to maintain their workforce and preserve salaries”.
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