You’d consider “productivity” then to be value-add work minus identified tech debt. Since calling out tech debt would hurt leadership’s own metrics, you’d need a mechanism to allow individual engineers to blamelessly (and probably anonymously) report, validate, and attach a cost metric to this tech debt.
The org would then be incentivized to balance work that delivers immediate value with work that represents an investment in making the team more efficient and effective at delivering that value in the long run.