Labor Market Report: The Current State of Remote Work

As people have adjusted their lives to the “new normal” of the pandemic, they have also changed the way they work. One of the most notable shifts in the labor market across industries has been an increasing number of organizations giving workers options to work from home. What does that labor market landscape look like now, and how will it impact future trends and strategies for businesses in attaining talent?

The Current State of Remote Work

According to the survey data in our latest Labor Market Report, 83% of workers are currently working remotely, while a very small number have gone back to the office (6%). When asked to describe their ideal work arrangement in a safe, post-pandemic time, 89% of workers would like to continue working remotely in the future to some extent. On the flipside, only 11% said that they would like to go back to the office in a full-time capacity after the pandemic is over. When surveyed about accepting a new role, 62% of workers state they would only accept a role with remote options.

Technology, Creative and High Paying Roles

The survey results for technology, creative roles and highly paid workers are even more dramatic. Remote work is more widespread in the technology sector than any other industry. According to the survey, one in three technology workers say they would only accept a fully remote role. The results are especially pronounced for coding-related roles such as software and applications engineers.

Higher pay also plays a factor, as workers who make over $65 an hour also prefer remote work versus onsite. According to the data, employers stand to lose 70% of them if they don’t provide them with options to work remotely. Such roles are strategic in an organization’s development, making remote options even more critical to consider.

What Is Driving Remote Work Preferences?

Flexibility is a major driver for workers who want to continue being remote. According to respondents, the number one key benefit of remote work is not having a commute (88%), followed closely by money saved on expenses that come with working at an office, such as parking, commuting, and lunch (71%). A greater control over their schedules (67%) and being able to eat healthier home-cooked lunches (57%) were also some of the top reported remote work benefits.

The Bottom Line: Remote Work Is Becoming a Key Priority for the Labor Force

The labor force is prioritizing the flexibility of working remotely more than ever. For organizations that want to both attract and retain talent, that means providing workers with remote options will be key. Businesses that don’t offer remote or hybrid options are forecast to lose 58% of their candidates, and that statistic only climbs higher for technology, creative and highly paying roles.

As businesses seek to find the best talent for their organization, they will need to consider these developments and shifts in worker priorities for their future strategies.

To get more exclusive data and takeaways from the latest labor market trends, check out the full November 2021 Labor Market Report.

If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at info@magnitglobal.com.

Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.