The Rise of Remote Work and the NEW Mobile Workforce

As Pandemic Mandates begin to lift, many offices are toying with on-site and hybrid working models. It feels like the working world is beginning to return to normal.

However, during the pandemic, a worldwide need to adjust business infrastructure to support remote work has enabled many companies to maintain remote options permanently.

The Question: What is the sense in returning to full in-office?

Plenty of research is showing that allowing for flex schedules and telecommuting, comes with a great deal of benefit for not only the employee, but also the employer, community and organization at large.

Improved Mental Health and Productivity Among Remote workers

A Study by Owl Labs shows a 47% increase in the productivity of remote workers. US-based remote-employees have regarded significant improvement to their mental health, and ability to manage a better work-life balance, optimizing their overall performance during the workweek.

Reduced Time Wasted in Office Commute

Telecommuting allows for reduced time in transit from home to office and back, which not only saves workers 8.5 hours on average each week, it also would enable National productivity to increase anywhere from $334 billion to $457 billion each year!

With traffic jams in the US currently wasting $78 billion each year in productivity, and almost 3 billion gallons of gas sitting idle in traffic during commute, the benefits of a large-scale shift to remote work are significant – and many companies are embracing that the future of work IS REMOTE.

Remote Work was on the Rise Pre-Pandemic – even more-so now!

Even before the Global Pandemic, telecommuting trends were on the rise. Between the years of 2005 and 2019, there was a 216% increase in the frequency of jobs being done remote.

In 2020, the business world quickly adopted technologies to allow their companies a chance to survive the impact of worldwide closures of offices and in-person work.

This investment in building a digital infrastructure and freeing up office spaces has allowed companies to continue supporting remote working models, and many are seeing the array of opportunities in the decision to open more remote positions moving forward.

Companies can Access an Improved Talent Pool by being Remote Work Ready

It’s been reported that 20% of workers have relocated during the pandemic, and 4% moved

permanently. 72% of employers say that telework has had a large impact on employee retention. With 1 in 4 employees stating they’d be comfortable finding a new job instead of continuing their current position without a remote option, businesses are prioritizing efforts to build a working model that accommodates for telework.

Additionally, a remote-empowered workplace allows for access to a larger and more diverse talent pool than what is available to you locally. Hiring or retaining talent living overseas opens up opportunities that were once impossible to support on pre-pandemic infrastructures.

Payroll Challenges in Remote Work

2021 came with increased volume and visibility of some of the challenges with remote work and factors of compliance. Double taxation and reciprocal agreements were tossed into 2021 year-end in large numbers due to some of the after-effects of employees working from different states, countries and jurisdictions in general. When it comes to taxation and proper filing and reporting, it can be relatively challenging to keep up with the seismic changes to the employment landscape.

When it comes to managing multistate payroll compliance for employers with out-of-state employees, there are a lot requirements and a myriad of moving targets as legislation increases surrounding remote work.

State and local entitlements vary greatly, and many businesses are coming face to face with some of the complexities of maintaining their remote talent.

March 30, 2022 WEBINAR: Payroll Compliance & the NEW Mobile Workforce

Join us, Wednesday, March 30th, 2022 for an in depth discussion around the challenges and opportunities hidden around your mobile workforce – no matter where in the world they’re working!

We’ll discuss the legislative and tax agency Reponses to relevant changes as well as:

• Remote work types and varying complexities

• Risks and opportunities

• Strategic Planning

• Compliance Obligations and Effective Management

Don’t miss out on this opportunity to learn how to effectively set your business ahead of the crowd in this new era of workforce mobilization! >> Save your Seat Today! <<

References:

https://globalworkplaceanalytics.com/telecommuting-statistics

https://globalworkplaceanalytics.com/resources/costs-benefits

https://ogletree.com/insights/multistate-compliance-for-employers-with-out-of-state-remote-employees/

https://www.thebalancecareers.com/flextime-and-telecommuting-benefits-3876763

https://www.bloomberg.com/news/articles/2021-09-29/remote-work-projections-are-on-the-rise-in-u-s-managers-survey

https://smallbiztrends.com/2021/11/remote-work-statistics.html#:~:text=32%25%20of%20All%20Employees%20Worldwide,by%20the%20end%20of%202021.

*Please note, the content and other material located on our site is for informational purposes only, is general in nature, and is not intended to be used in place of professional consultation. For Global Consulting needs, please visit our Consulting Services Page or contact us through our contact form.