Remote Work and the Recession
November 20, 2022
By Emily Fioravante, courtesy SBAM Approved Partner ASE
Since the outbreak of COVID-19 in early 2020, many employees began working from home. Although some companies have gone back to in-person work, other companies have realized they are able to function just as well remotely, without any negative effects on productivity.
Based on data collected from ASE’s 2022 Post-Pandemic Remote Work Survey, 43.5% of the Michigan companies surveyed are utilizing a hybrid work schedule, which combines remote and onsite work. Of these companies, 45% require employees to work onsite three days per week, and 43.3% require two days per week. An increase in onsite days does not appear to be coming, either. When asked about their current position on remote work, fewer than 15% of companies responded that they are looking to bring employees back to the office in the next 6-12 months.
Remote work appears to be what many job-seekers are after. According to Forbes, on LinkedIn in July 2022, 54% of applications were for remote job postings (17% of the job listings on the site) and remote job postings drew 47% of the views, compared to onsite jobs.
Allowing a hybrid schedule offers flexibility for workers. According to Gallup, the advantages of a hybrid schedule include a better work-life balance, more efficient use of time, the ability to control work hours and location, lower feelings of burnout, and higher productivity. Additionally, the disadvantages of a hybrid schedule include not having the right tools to be effective at work, feeling less connected to the company culture, impaired collaboration and relationships, and disrupted work processes. In all, the hybrid model balances the benefits of being in the office with the benefits of working from home.
Many workers enjoy working remotely due to the pandemic and wish to keep it that way. Unfortunately for jobseekers, the number of remote jobs available appears to be on the decline. According to CNBC, the amount of job postings on LinkedIn has fallen 5% since April of this year after peaking at 20%. It is clear that companies are scaling back, and it is likely due to the status of the economy. Due to the uncertainty of economic stability, some companies are halting recruitment efforts to help manage costs. The pandemic resulted in perks being offered to employees to retain them, but with the uncertainty of the economy, power may be shifting back to employers.
The ASE 2022 Post-Pandemic Remote Work Survey is available at no cost to ASE Members via the ASE Member Dashboard.