Unmasking Common Myths Around Remote Work (an Interview with Nick Bloom)
Nov 7, 2023
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Join David Green and guest Nick Bloom, Professor of Economics at Stanford University, as they discuss the historical trajectory of remote work, the transformative impact of the pandemic, common myths surrounding remote work, and the benefits for employees and companies. They also provide guidance for developing and evolving remote work policies.
Remote work stabilized at around 25% of days during the pandemic, highlighting its lasting impact on the future of work.
Hybrid work is considered the new normal, with CEOs recognizing the benefits of increased productivity and flexibility.
Deep dives
The Importance of Hybrid Work and the Impact of the Pandemic
Hybrid work has become a core component of the employee value proposition, according to CEOs at a recent conference. Research conducted during the pandemic shows that working from home is stabilizing at around 25% of days, a significant increase from 2019. The pandemic has highlighted the effectiveness of remote work and its lasting impact on the future of work. The current landscape includes a mix of remote, hybrid, and in-person work arrangements. CEOs and HR leaders are considering the best ways to develop, measure, and evolve hybrid and remote work policies to meet the needs of their employees and drive productivity.
The History and Trajectory of Remote Work
Remote work has been slowly growing over the years, but the COVID-19 pandemic caused a significant acceleration. Prior to the pandemic, remote work accounted for around 5-6% of working days. The pandemic led to an explosion of remote work and a greater acceptance of its effectiveness. As technology continues to advance, remote work is expected to become even more efficient and productive. While the return to the office trend has flattened, remote and hybrid work arrangements are considered the new normal.
Debunking Myths and Challenges of Hybrid Work
There are several myths surrounding hybrid work, including the belief that every CEO wants to bring employees back to the office. However, many CEOs recognize the benefits of hybrid work, such as increased productivity and flexibility. The sentiment among executives is that remote and hybrid work is here to stay. However, there are challenges in coordinating and monitoring hybrid work arrangements. HR leaders need to focus on performance management, evaluating outputs instead of inputs, promoting engagement in virtual meetings by encouraging camera usage, and implementing software and tools to support office design and organization.
The Controversies of Paying Fully Remote Workers and the Four-Day Week
There is ongoing debate regarding the compensation of fully remote workers. Some argue for localized pay scales, while others advocate for national pay scales. HR leaders should consider the practicality and fairness of different approaches. Additionally, the concept of a four-day week has gained popularity, but there are different versions of its implementation. The magic version involves maintaining productivity with fewer work days, which is challenging to achieve. Other muggle versions include shift sharing, part-time pay, and the option to work from home on Fridays. HR leaders should carefully evaluate the feasibility and benefits of these alternative work arrangements.
In this episode of the Digital HR Leaders podcast, join host David Green and guest Nick Bloom, Professor of Economics at Stanford University and Co-Founder of WFH Research, as they explore the dynamic world of hybrid and remote work.
Throughout the conversation you can expect to learn more about an in-depth analysis of the historical trajectory of remote work, the pivotal lessons learned during the pandemic, and the lasting impact on the way we work.
Here are the key points covered in this conversation:
The historical trajectory of remote work and the direction it was heading before the pandemic
The transformative impact of the pandemic on work, unveiling the biggest working-from-home experiment in history and the essential lessons learned during this period
The current state of remote, hybrid and in-person working, exploring the key trends and developments that are shaping the post-pandemic world of work
Common myths and misconceptions surrounding remote and hybrid work
The benefits of remote and hybrid work, both for employees and companies
Insights into the sentiment of executives regarding the future of remote and hybrid work
Guidance for business and HR leaders in developing, measuring and evolving their remote and hybrid work policies
This episode is a comprehensive exploration of the multifaceted world of remote and hybrid work, providing valuable insights and perspectives that will influence the way we work in the years to come.
This episode is brought to you with the support of strategic workforce management tool, eQ8. To discover more about eQ8’s innovative solutions, visit: https://eq8.ai/Insight222