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It’s not just you — the amount of people who worked from home doubled from 2019 to 2020 to 42%, according to the latest Bureau of Labor Statistics survey. Commuting times for all demographics fell during the same time period.
Who Was Impacted: Those engaged in remote work disproportionately included people with higher education levels. By industry, it predominately affected workers in finance, professional and business services.
Those working in-person were mostly workers in leisure and hospitality and wholesale retail and trade. This greatly impacted childcare, as parents were much more likely to spend time taking care of their children rather than sending them to activities or organizations that do such work.
What Companies Are Impacted: About 70% of businesses are asking their employees to come back to work on a hybrid model, according to the asset management firm Mercer.
Companies that have allowed staff to work remotely — including Facebook (NASDAQ:FB), Twitter (NYSE:TWTR), Square (NYSE:SQ) and Slack (NYSE:WORK) — all have seen stock price surges in the last few months.
Apple (NASDAQ:AAPL) has cracked down on remote work, causing its employees to rebel against the new rules.
Professor of business administration at Harvard Business School Tsedal Neeley noted that employees have more power, and could gravitate toward the companies that are allowing more freedom in their workday.
“This is the era for employees,” Neeley said in an interview with Recode. “The power is in employees’ hands today because of the sheer scale and magnitude of the people who want to retain some kind of work-life flexibility in their professional arrangements.”
Photo: Unsplash photo by Chris Montgomery.
