Work-From-Home: An Unexpected Economic Boom
Nick Bloom is the Co-founder of WFH Research, a platform providing insights and best practices on working from home. He is also a Professor of Economics at Stanford University. Having studied remote work for over two decades, Nick has contributed to the policy and public discourse on the subject by meeting President Obama, speaking at the 2014 Working Families’ Summit, and delivering a TEDx talk. As the Co-director of the Productivity, Innovation, and Entrepreneurship program at the National Bureau of Economic Research, he focuses on management practices and uncertainty.
In this episode…
With work-from-home trends accelerating exponentially in a post-pandemic environment, CNN reports that the value of office space will decline by $800 billion in major cities by 2030. In response, CEOs of major companies have developed return-to-work mandates. However, remote work is more than just a trend, as businesses lose revenue as a result of these mandates. How do remote and hybrid work benefit key stakeholders?
As a seasoned researcher of work-from-home models, Nick Bloom asserts that the shift to hybrid work is the most radical office change since the emergence of the computer. Aside from reducing commuter strain, innovative work styles allow employees to develop flexible schedules to accommodate their preferences. For instance, younger professionals can use in-office days for mentorship opportunities, gaining the benefits of in-person learning while accommodating freedom. Hybrid work increases profitability by reducing recruitment and retention costs by 35%. Similarly, remote work eliminates the cost of office space and boosts productivity rates by 90%.
In the latest episode of What The Teck? Rolando Rosas and Dave Kelly host Nick Bloom, the Co-founder of WFH Research, who shares how work-from-home policies impact key business stakeholders. Nick addresses the ideal hybrid work structure, the oppressive nature of the traditional 9-5 work schedule, and how to accommodate employees in your work policies.
