Economists report that remote work is officially a major labor market shift—and is here to stay!

This month, economists have reported that remote work has solidified its position as a major labor market shift. The findings have backed what many of us already believed: that remote work has been the most significant long-term transformation to the world of work in decades, and has likely changed the way we’ll work forever.

While remote work continues to be a divisive subject, according to the US Bureau of Labor Statistics, 35% of employees did some or all of their work from home in 2023, compared to 24% in 2019. The numbers are particularly interesting in light of the “return to office” schemes that have taken place at multiple corporations since the pandemic. Because while remote work is (as you’d expect) not as prolific as it was during the global lockdowns, it has now stabilized at a level far higher than pre-pandemic.

For businesses and individuals who are willing to accept remote and hybrid working models, its popularity comes as no surprise. The benefits for employees are huge. Nick Bloom, an economics professor at Stanford University, asserts that offering hybrid working models is almost equal to giving employees an 8% raise.

The freedom to work from where you choose and the flexibility that brings, vastly improves the quality of life for many workers. Remote work allows people to spend more time with family and friends, it’s more economically sustainable, it democratizes land so that people don’t have to live in overpopulated cities, and it’s great for work-life balance and managing burnout.

But it’s not just employees who get to reap the benefits. Businesses also stand to benefit hugely from the new standard. Financially, companies can save significant costs on real estate, travel, and hiring. But it also enables companies to work with people from all over the world, unencumbered by borders. The idea that your talent has to fall within a handful of miles from your HQ is quickly becoming an archaic line of thinking. In a remote-first work environment, the best person for the job might be in the furthest corner of the globe. Does it matter? Not one bit.

For those of us who champion the benefits of remote work, this announcement is music to our ears. The more universally the corporate world accepts remote work, the more we can focus on honing it and perfecting it—making it the best and most effective method of working we’ve had to date.

At Remotify, we work with companies and individuals to transfer easily to a remote work model, allowing them to hire the best global talent, cut back on costs, and create truly amazing places to work. If you’d like to find out more about our services, why not book a call with our friendly team? We’d be happy to help!