Are You Keeping up with the Remote Working Trends?
by Julie Weishaar
February 20, 2023
work from home

Remote working is becoming increasingly more the norm than the exception. The technological landscape enables workers to get their jobs done efficiently and effectively from somewhere other than an office.

Companies must keep up with what employees expect or risk losing talented people to a competitor. 80% of 15,000 businesspeople from 100 nations say they would not accept a job offer unless it includes an option for flexible work.

In 2021, 25% of the U.S. workforce worked remotely full time, while an additional 20% worked partially from home.

Stanford University Study Results

Remote and flexible working are essential for companies to stay competitive and attract the most qualified applicants.

Companies that are concerned about how it will affect their business should refer to a two-year study performed by Stanford University.

The study used a group of 500 employees broken into two groups. One group volunteered to work from home. The other group was the control group that continued to work at the office.

Significant findings of the Stanford Study include:

 

  • 62% of businesses globally have a flexible workspace policy
  • 85% reported an increase in productivity
  • 50% decrease in attrition among the remote workers
  • The study found that worker demand is the primary factor that has driven the accelerated growth of remote workforces
  • Companies offering flexible working helps them achieve more success by attracting and retaining top talent at a rate of 77%

How important is Work Location Compared to Other Factors?

When asked how much more important being able to work remotely is to the recipients from the Stanford study, the responses were:

 

  • 32% more important than having a prestigious position
  • 41% more important than not having to work overtime
  • 70% evaluate new job opportunities based on whether the company offers a remote working option
  • 54% say it’s more important than receiving a holiday allowance increase
  • 25% prefer to live in another area but don’t because they don’t want to increase their commute time
  • 54% more important than working for a prestigious company

Benefits of Working Remotely for Employees

 

  • Maintaining a healthy work/life balance is of paramount importance to most employees, whether they are project managers or work-from-home insurance agents.​ They are happier, more productive, and save a lot of time and money on long commutes to and from the office.
  • Remote workers rarely call in sick partly because they are not exposed to germs from others in the office. This is especially relevant to today’s global epidemic of Coronavirus.
  • Health and wellness improve by reducing stress associated with long commutes, too much time away from family, and no rushed lunch hour.

 

How Does the Company Benefit?

 

  • When fewer people work in an office, companies can save money by condensing workspace usage. The Stanford study showed that companies could save almost $2000 per employee on office space rent.
  • Allowing employees to work remotely enhances the company’s ability to attract and retain top talent. In today’s competitive marketing, this is a significant advantage.
  • As noted above in the Stanford study, remote workers are more productive and stay longer with a company decreasing the attrition rate by 50%.

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Other Remote Working Statistics

Even though 44% of companies worldwide don’t allow any remote work, 16% of them are fully remote. The companies that offer a hybrid model of remote workers and in-office working are highly popular.

When employees are allowed to choose from where they work, 84% of them choose to work from home. Other places they work from include coffee shops, cafes, and libraries.

Stress is known to be one of the biggest killers in today’s competitive environment. It, therefore, makes sense that reducing it should be a priority for businesses and workers.

86% of people say working remotely reduces stress. 77% believe it improves health by allowing time for more exercise, a better diet, and a generally healthier lifestyle.

One of the downsides to remote working for employees is that 22% of them have trouble unplugging after work.

78% of people with college degrees prefer flexible time and the ability to work remotely. 32% who want a flexible schedule are at a managerial level or higher.

What to Expect Moving Forward

Upwork, a large freelancing website, released its third annual Future Workforce Report. It explored hiring behaviors of 1,000 U.S-based companies.

They examined the results in terms of generational impacts on the workforce. Below are some of their findings:

 

  • 48% of the younger generation managers (Millennials and early Gen Z) are already director level or higher.
  • By 2028, the younger generation will comprise 58% of the workforce.
  • 84% of Millennials say they are experiencing burnout at their job
  • Younger generations are most likely to freelance
  • 69% of younger managers allow team members to work remotely
  • The study projects that by 2028, 73% of all teams will include remote workers

The Changing Global Workforce

Remote working is rapidly increasing how the workforce operates globally. More employees are working remotely, either full-time or a few days a week.

Companies that embrace this growing trend and what top talent value are better able to entice new employees.

Businesses no longer must have a physical location to run their companies. Cloud computing is a critical technical development. It is helping reshape the business world.

Over 60% of enterprise businesses are currently using cloud computing services. This trend is expected to grow.

Most people are already using cloud storage services, such as Dropbox and Google Drive. In 2020, 75% of workers will be working remotely in some capacity.

The future of the global workforce is an increasing shift towards the digital workplace for both employees and companies.

Infographic source

Jobs of the Future

Knowing what jobs are in great demand is crucial, given the unstable economic climate.

Check out the infographic below for the most recent trends in jobs of the future that you might not have anticipated:

jobs of the future

Image Source

Updated from July 26, 2021; republished June 12, 2022 to add Infographic; republished February 20. 2023 to add additional infographic

Are You Keeping up with the Remote Working Trends?

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