Because of the available technology today, working remotely is as effective as working at the office. And this is giving businesses more flexibility when it comes to where their employees choose to work. But some people prefer working remotely so much, they are willing to take a pay cut.
According to a new report from Owl Labs, 34% of employees say they are willing to take a 5% pay cut. Another 24% say they will double this amount and take a 10% cut. And there is yet another group (20%) who say they will take a pay cut of more than 10%.
Considering 73% of all teams will have a percentage of remote workers by 2028, making this option available is a must. As a matter of fact, remote work is no longer a perk, but a business imperative. If you don’t offer remote work as an option, you will limit the talent pool of applicants at your company. Not to mention your current employees might look elsewhere because they want to work remotely.
The State of Remote Work 2019 report looks at how employees in the U.S. feel about the remote work ecosystem. In the emailed report Owl Labs says, “Remote work can improve employee productivity, increase employee retention, and make employees feel more trusted and better able to balance work and life responsibilities — making for happier employees and more productive teams.”
Owl Labs has a good perspective on remote workers because the company makes a video conferencing device called Meeting Owl. The remote work statistics in this report further expand the company’s understanding of this segment. Owl Labs carried out a survey of 1,202 full-time workers in the U.S. between the ages of 22 and 65 to understand how remote workers feel.
The participants were made up of 745 (62%) people who work remotely at different frequencies and 457 (38%) who work on site.
Remote Work Statistics
Of the 62% of the respondents who work remotely, the frequency at which they do so varies greatly. More than half or 54% work remotely at least once a month and 48% work at least once per week. However, almost a third or 30% are full-time remote workers.
But who is working remotely? The survey breaks down the answers from the respondents into job levels for both remote and onsite workers.
The biggest percentage of onsite workers are individual contributors (52%) and consultants (32%). In the remote workers’ department, VP level (46%) and founder/C-level (55%) workers make up the majority.
The data in the report proves remote work is not just for rank and file members of a company. It also says there are 18% more executives working remotely than there are working on-site. Senior executives and above also say they work remotely at least once per week at 34%, which is higher than those in lower positions.
A Closer Look at Who is Working Remotely
The report shows, companies are making remote work available to almost everyone in their organization. The departments which use remote workers are represented almost equally across a company. They are customer support/service/success (17%), facilities/operations/IT (16%), administrative (14%), sales (12%), other (8%), and other departments at lower percentages.
For onsite workers, the top three departments are customer support/service/success (21%), administrative (17%), and facilities/operations/IT at 12%.
The Reasons for Working Remotely
The biggest reason people want to work remotely is for better work-life balance, which is at 91%. Beyond this, the other reasons come in with almost the same level of importance for the respondents in this survey. But together they combine to contribute to the number one reason, work-life balance, even stronger.
Increased productivity/focus is next at 79% followed by avoiding commuting (78%), less stress (78%), saving money/financial reasons (76%), and less office drama at 73%. So, with all these benefits, are remote workers happier?
The report says remote work or the ability to work remotely makes employees happier, and they also feel more trusted.
As these remote work statistics show, working remotely is now part of the overall ecosystem. And employees expect to have it as an option if they choose to work remotely. This applies to small and large businesses alike.
As a small business owner, the cost-benefit of having remote workers has a bigger impact. It means less office space, supplies, and other expenditures. The key is finding the right balance between how many people stay on site and how many will work remotely.
And an even higher percentage of them would take remote working privileges instead of a raise. This should be considered an alternative form of compensation.
Yes. They are willing to do that if they can hold their own time and do what they want while still fulfilling work outputs.
Great article, Michael! Allowing employees to choose where they will feel most productive not only improves their work-life balance but also enable the company to hire the best talent for the job regardless of the location.