A pay cut for working from home? Many employees would take it
AUSTIN (Austin Business Journal / KXAN) – Remote working isn’t going to go away anytime soon – and many workers would be willing to take an average 7% pay cut for working from home two or three days a week.
The in-depth review of remote working after the Covid-19 pandemic comes from the Becker Friedman Institute for Economics at the University of Chicago, which found that around 21% of the total hours worked after the pandemic are believed to come from home – a huge increase from 5% before the pandemic.
According to the working paper, this desire to continue working from home is almost universal and affects age, education, gender, income and family status. Several other surveys have revealed similar desires for work-from-home flexibility and experts say it is becoming a staple in the hiring market. Employers have indicated that they understand workers’ desires – even though there is a mismatch between employee preferences and employer plans.
But, while many workers would be willing to take a pay cut to work from home a few days a week, experts say it may not be that easy for businesses.
âI think the most important thing to remember is that we have engaged in a compulsory mass social experiment. We would never have done this on purpose, âsaid Steven Davis, adding that workers were surprised at the quality of the remote work. He is one of the authors of the working document.
âBeing forced to do this by the pandemic, we’ve learned a lot about what works well remotely and what doesn’t. “
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