Surprising no one but the mgmt teams…
Unispace found that nearly half (42%) of companies with return-to-office mandates witnessed a higher level of employee attrition than they had anticipated. And almost a third (29%) of companies enforcing office returns are struggling with recruitment. In other words, employers knew the mandates would cause some attrition, but they weren’t ready for the serious problems that would result.
Meanwhile, a staggering 76% of employees stand ready to jump ship if their companies decide to pull the plug on flexible work schedules, according to the Greenhouse report. Moreover, employees from historically underrepresented groups are 22% more likely to consider other options if flexibility comes to an end.
In the SHED survey, the gravity of this situation becomes more evident. The survey equates the displeasure of shifting from a flexible work model to a traditional one to that of experiencing a 2% to 3% pay cut.
Yep, you can’t fight basic math.
With a half-hour commute, you’re dropping at least $250/mo on gas (more if you use proper mileage calculations and include car insurance costs) and spending an additional 32 hours of your time in unpaid travel for work. If your hourly rate is $15/hr, that means another potential $380 in earnings a month out the door.
Since that $15/hr brings you in $2600 before taxes, that means in this scenario you’re spending roughly 10% of your gross income on travel expenses, and losing out on a potential income increase of 14%.
This is why, despite the fact they were a great company I had thought about joining for years, last year I turned down an offer that was a 50% raise from my previously held position.
I got the same amount in an offer from a separate company that enabled work from home, and when I did the math, the value between the two was striking - it was the clear winner, despite the fact that the first company only wanted me to travel across town.
I don’t think this is even the full picture, though. The cost savings from working remotely for me have been largely unnoticed (but objectively there).
The real value, for me, has been increased autonomy and freedom from the office culture and overbearing bosses. It was amazing how my managers were suddenly ambivalent about my work performance once they weren’t able to constantly observe me at my desk.