Working from home: heaven or hell?

The answer lies in between…

Workers already benefiting

Those who had job flexibility before the pandemic, such as technology workers, have carried on in the same roles, at the same or increased output, for the same salary, working between home and office as they did before. Now others whose roles don’t require physical interaction are doing likewise. For higher earners, where space and quiet aren’t an issue, it may be the dream scenario.

This will continue for the likes of telecommuters and knowledge workers. Not just because the nature of the job suits remote working, but due to market forces: when it comes to tech workers, there aren’t enough to meet current demand, so they are deciding their employment terms, with zero enthusiasm for presenteeism.

Grey power gets a boost

With birth rates dropping, governments are raising retirement ages to retain older workers’ skills and experience. A survey by the UK Office for National Statistics (ONS) found that workers in their 50s and 60s who were working from home during COVID-19 said that they were planning to retire later than those who were still travelling to work.¹

Introverts are quietly delighted

Life is rosy for reserved types. Anyone who dislikes small talk, noise or social proximity prefers virtual communication to face-to-face dialogue. They’ll be reassured to know that of the businesses we surveyed, 11% will make their workforces totally remote; 34% will offer a fully flexible model where staff decide where to work; and 45% will offer partially remote employment. Given that 77% of the market leaders we surveyed reported higher productivity levels during the pandemic and forecast 30% growth over the year ahead, it makes sense.

It’s tougher for lower-paid workers

While the UK’s ONS found it was easier for higher earners to work remotely during the pandemic, many lower-paid workers were furloughed or made redundant.²

For women, it’s a mixed blessing

Not everyone’s thrilled. Despite women being 39% of the global workforce, McKinsey’s July 2020 research on gender equality found they account for 54% of post-pandemic job losses.³ When, in September 2020, the World Economic Forum examined the effects of lockdown on women, it found them shouldering most of the domestic burden: “School closures, business disruption and working from home have made many tasks time-consuming and arduous.”⁴ While 67% of women said their partners were helpful, 82% of men admitted their partners did more. Former prime minister of Australia, Julia Gillard, co-writing for the Harvard Business Review, echoed these findings, adding that organisations must now pay attention to the way they facilitate WFH and the wave of change it will bring. Key to this is being aware of unconscious bias and avoiding assumptions regarding “gender-normative roles of mothers and fathers.”⁵ It also means, she says, “upgrading performance evaluation processes and metrics to ensure a focus on outputs” rather than being swayed by the visibility gained by those (typically more often men) who choose to work in the office.

Young workers and new joiners can feel adrift

The least enthusiastic about remote working are millennials. They’ll have less opportunity to learn from experienced colleagues, while both young workers and new joiners will struggle to gain visibility. Meanwhile, after-work socialising and networking will be reduced for everyone.

Where do we go from here?

Studies⁶ suggest two WFH days is ideal. A hybrid approach, say employers and employees alike, accommodates workers who favour the office, those who occasionally need to meet colleagues, and people who prefer fully remote. It gives the flexibility of working off-site with the benefits of networking, chance meetings and social life at the office. For most, this is the win-win scenario.

3 ways to help staff WFH:

HSBC Navigator: The Future of Work

The Navigator: Future of Work survey was conducted by FTI Consulting on behalf of HSBC. Research was conducted online from 3rd to 8th August 2021 with 2,130 respondents who are involved in or influence strategic direction for their company in 10 markets: UK, USA, UAE, India, Hong Kong, Singapore, China, Mexico, Australia and Germany.