Is remote work here to stay?

**Joseph Chance** (0:04)
Is remote work here to stay?
Thanks for asking.
COVID-19 lockdowns led to the revolutionary rise of remote work. But while working remotely may have been a necessary adaptation during an unprecedented global health crisis, many experts say that not only is it here to stay, but it will even continue to increase as we head into 2023 What are the main benefits? Employees save time and money by not having to commute, and they essentially have more control over their work environment, which can lead to increased creativity. With jobs becoming less location specific, businesses can also benefit. One example being that they have a larger pool of talent to hire from. Not only are there incentives to work remotely, but the facilitation of remote work has come leaps and bounds over the years. Zoom, Microsoft Teams, and Slack exploded during the pandemic, with Zoom's revenue growing from $623 million pre-pandemic to over $4 billion by the end of 2021 according to Statista.
Companies like Zoom have been crucial for the remote work model to operate successfully, and they are constantly improving to meet business needs. Is going full remote the best work model? Remote work has a lot of supporters, but it isn't all roses. Microsoft's 2022 New Future of Work report found that although remote work can improve job satisfaction, it can also lead to employees feeling socially isolated, guilty and trying to overcompensate. While the absence of office chit chat may arguably contribute to higher productivity, it seems the lack of face-to-face human interaction can negatively impact employees' mental health. Not to mention working from home all the time can blur the lines between home life and work life, sometimes putting a strain on personal relationships.
What can we expect remote work to look like in the future? The hybrid model seems to be the future of remote work. Employees split their days between the workplace and home. This is the model that we can expect to prevail in the long run. It's kind of a trade-off which gives people the best of both worlds. The Microsoft report suggested it could increase productivity by 5% too.
Given the increasing value that employees place on flexibility, it's no surprise that a recent survey conducted by Envoy with Wakefield Research showed that 47% of employees would likely look for another job if their employer didn't offer a flexible working model. It also showed that 77% of companies have already opted to go hybrid. Even then, many employees long for further flexibility within the current model their employer is offering. Lockdown has revealed what employees cherish most, flexibility. After a taste during the pandemic, it seems that the world of work will never fully return to how it was before. There you have it. Now you know where the remote work is here to stay. In under three minutes, we answer your questions and help you understand the true meaning behind the trends, concepts, and acronyms that are making headlines. Listen along and you will really know for sure.