Remote work for the win: How in-office requirements are hurting companies

When the COVID pandemic swept in, so did the notion of working remotely. Old rules of the office went out the door when dress slacks were swapped for sweatpants as employees were introduced to a new way of working. In late 2022-early 2023, as the world began to ease many pandemic policies, several companies such as Twitter, Amazon and Disney instituted a return to office for their workers.

Companies that are allowing more flexible work for their employees are winning, according to data from a report by The Flex Index, released in July. The Flex Index covers 6,710 companies containing 100 million employees. According to the report, workplaces that allowed for fully flexible work – meaning either entirely remote or giving employees the option to going to the office – increased their workforce by more than twice the rate of their in-office counterparts, growing 5.

This data trends with other reports that show the desire to go remote, with 98% of employees wanting to continue with remote work, at least partially, for the rest of their careers, according to Buffer's yearly 2023 report on the State of Remote Work. According to Flex, the minimum number of days required in the office had a major impact on headcount growth. Separated by days in the office, over 12 months' growth dropped each additional day employees were required to be in the office.

According to metrics from an AirBnb spokesperson, the company has seen a massive increase in recruiting since instituting its Live and Work Anywhere Program, having nearly 10 million people visit AirBnb's career page in the past year. This is double from the prior year. Since the program was instituted, the most recent survey shows that 89% of employees stated that they 'would recommend' Airbnb as a great place to work.

AirBnb cited that moving to a fully remote team will enable them to 'hire and retain' the best people, without limitations from office commuting radiuses, saying the best people 'live everywhere.' 'I think the US companies will hire more internationally over time,' said Sadow, highlighting that hiring globally will increase companies' ability to access people with the exact skills for the role.

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Crypto Update | U.S. Jobs Data Comes in HotNoelle Acheson is the former head of research at CoinDesk and Genesis Trading. This article is excerpted from her Crypto Is Macro Now newsletter, which focuses on the overlap between the shifting crypto and macro landscapes. These opinions are hers, and nothing she writes should be taken as investment advice.
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