A decade ago, working remotely without a central office, would have been an unimaginable thought. Everyone believed that high levels of productivity was unattainable outside the office, where physical proximity to your co-workers and manager was absent.
Thanks to the advancement of modern technology, it is now possible to work efficiently in a remote work environment. Many job seekers are looking for a flexible lifestyle, work-life balance, and the freedom to work from anywhere, while not compromising on their quality of work. Equally, many employers are also embracing this idea by becoming remote work friendly and leveraging the various remote tools that would help them operate as efficiently as in a traditional office. Remote work also removes a geographical barrier and allows employers to hire from a more diverse talent pool.
The coronavirus pandemic has changed our day to day lives with millions of people having to adapt to working from home. This has resulted in an unprecedented surge in remote work in 2020. Is remote work here to stay?
Let’s get some answers from the latest Key Remote Work Statistics.
IMPACT OF COVID-19 ON REMOTE WORK
According to Gartner, 88% of business organizations around the world encouraged or made it mandatory for their employees to work from home.
Reports from Statista says that 25% of companies will move 10% of their employees to permanent remote positions post COVID-19. Companies plan to take advantage of the cost-saving benefits that come directly from remote working.
Statista also notes that as of April 2020, 67% of organizations reported an increase in spending on remote tools and web conferencing software. Companies have been quick to understand that a strong and reliable software is crucial for success, considering remote work is here to stay beyond the pandemic.
Remote work statistics by Owl Labs suggests that 42% of employees with a remote work option plan to continue working remotely now and for the next five years.
REMOTE WORK GROWTH
It is anticipated that by 2027, more people will work remotely with nearly 50% of millennial workers already freelancing. Also, by 2028, it is predicted that 73% of business teams will have remote workers. (Source: Upwork)
More than two thirds of the people around the world work remotely at least once every week. IWG, in their study, found that 70% of professionals in the US prefer telecommuting at least once a week and 53% work remotely for at least 3-4 days a week.
BENEFITS OF REMOTE WORKING
Remote workers save an estimated $4000 a year due to reduced food, travel and parking costs. It has been also been found that working from home half the week can reduce greenhouse gas emissions by nearly 54 million tons each year. (Source: Global Workplace Analytics)
The biggest benefit that remote workers had was a flexible schedule – 40%, freedom to work from anywhere – 30%, no travel involved – 13%,having more family time – 14% and other reasons where 3%. (Source: Buffer)
JOB SATISFACTION AND RETENTION
According to a study by Owl Labs, remote workers say that they are likely to continue working with the same organization for the next five years – which is 13% more than onsite workers. Many workers see remote work option as a perk. Owl Labs further observes that 55% of remote workers would look for another job if they weren’t given the choice to work remotely, and 61% would expect a pay hike if this kind of change happens.
Stanford Graduate School of Business professor Nicholas Bloom, along with his team researched China’s largest travel agency, Ctrip for about two years. They found that there was a massive improvement in performance (13%) from people working from home. Bloom also found that resignations at the company dropped by 50% when they were allowed to work from home.
67% of people in leadership positions believe that productivity will improve by at least a fifth if remote work is introduced to workers. (Source: IWG)
Global Workplace Analytics mentions that remote workers at large companies are 35-40% more productive that who work in office full time. Also, 85% of companies that occasionally offer flexible work schedules notice an increase in employee productivity.
A Cisco study found that significant remote work increases employee productivity, work-life flexibility, and job satisfaction. Companies gain more than $270 million each year by offering remote work opportunities to its employees.
FUTURE OF REMOTE WORK ( POST COVID-19)
Here are some projections on how the pandemic may affect remote work post COVID-19.
According to studies by Gartner, 74% of companies will shift some of their employees permanently to remote working.
77% of global businesses have implemented flexible workplace policies to attract top talent from around the world. (Source: IWG)
By 2030, it is estimated that the US could see a phenomenal boost of $4.5 trillion annually from flexible working. (Source: IWG)
Two thirds of knowledge-based workers think that the office will be obsolete in another ten years. (Source: Zapier)
EMBRACING REMOTE WORK
Whether you are considering your first remote job or are an employer trying to set up a remote team, it is important to stay in touch with the latest stats to understand how companies and employees are embracing the evolving remote work culture.
If you want to know more about becoming a successful remote worker, then read our post on what it really takes to be successful at remote working.