As if the benefits in terms of productivity and work-life balance weren’t enough, remote workers can end up making more money than traditional workers. It’s important to mention that many remote workers do have roles that are high on the company hierarchy, which probably contributes to this statistic. Nevertheless, there is great financial potential in getting a remote job. While COVID-19 has changed the way that remote work statistics people work, it has also contributed to overworking and brought new considerations to light for both remote workers and managers. Newly remote managers are now tasked with supporting remote team members and promoting a healthy work-life balance, all over Zoom . Eight out of ten full-time workers want one day a week without any meetings, and 70% agree that there should be a day each week without video meetings.
What are the pros and cons of remote working?
Remote work offers a range of benefits for both employers and employees. For the latter, not having to come into the office enables them to save on transportation and takeout food while offering more flexibility in many areas of their lives. Employers can use this model to broaden the talent pool and cut down on office-related expenses. On the other hand, some of the most common downsides include isolation and a lack of communication.
With freelancing on the rise, many have sought to measure exactly how many people are taking advantage of the gig economy. An online investment company, Betterment, estimates that more than 33% of workers are freelancing. Intuit predicts that by 2020, the gig economy will make up 43% of the American workforce. Not only does remote work have immense benefits for both employers, but it can give employees expanded freedom and autonomy, empowering them to do their best work and take responsibility for their role in the company. According to Owl Labs, remote workers are saving $479.20 per month (almost $6,000 per year). Tecla puts this number at $7,000 up to $11,000 and research from Howmuch estimates remote workers save $5,000 per year. Millennials are the first generation to be brought up in the digital age, so it’s unsurprising that they gravitate towards remote work opportunities.
Employees Overwhelmingly Recommend Remote Work
This takes into a number of considerations and benefits of remote work, such as increased productivity levels, lower real estate costs, and improved employee retention. After months of remote work, many employees are less than happy at the idea of returning to the office.
- Similarly, 64% of respondents believe that employers who refused to offer virtual work options would have to raise incomes to attract candidates.
- Just under half of people said their pay is tied to a specific location.
- Key takeaway — companies that have implemented any of the remote work model types (e.g. fully remote, remote-first, or hybrid) enjoy higher productivity.
- Remote workers are more productive because they have no commute, less or no office small talk, fewer distractions, more time for family, exercise, a higher quality of life, and better overall work-life balance.
- Some researchers believe it has made employees less productive while others think it has truly boosted productivity in the workplace.
- To further support mental health, the company allows their employees to have dedicated focus times without meetings and a break between meetings, too.
- A 2020 survey found that 61% of CEOs believe that “empowering remote workforce” is an important part of their organization’s strategy.
According to the Owl Labs State of Remote Work Report 2021, 55% say they work more hours working remotely than at the physical office. Only 8% said that nothing has changed since they started working remotely. For 56%, the way they communicate and collaborate has changed since they started working remotely. Let’s take a look at what people say has changed since the global spread of remote work.
Labour market tightness during WWI and the postwar recession of 1920–1921
One year in, and most countries have built infrastructure for proper remote activities— we’ll talk about South Korea in a minute. The key takeaway of this section is that telecommutable jobs are unequally distributed across space, including within countries. Surely, COVID-19 affected poorer countries and households more negatively than the more prosperous ones. So, governments unwilling or incapable of adopting home-based work policies will only widen this gap in GDP.
They saved time by commuting less and tended to take fewer sick days. Studies show that working from home yields numerous benefits for both individuals and their organizations, most notably in the form of enhanced productivity and engagement. But when all or most employees are remote, challenges arise for communication, knowledge sharing, socialization, performance evaluation, security, and more. A flexible work schedule improves the work-life balance of employees, thereby improving their personal wellbeing.