Remote Work 4 Life...Or Else!

6 Reasons Why the Pandemic Era Workaround is Here to Stay...Despite Business Relics Clinging to the Past.

Jaime Dimon is a staunch opponent of remote work.

Jamie Dimon, the CEO of JP Morgan Chase, is a powerful billionaire business luminary and a captain of industry in the finance world. His net worth is in the range of $2.2 billion. Dimon’s financial prognostications carry such weight, stock fortunes can rise or fall for businesses and industries he opines on. When Dimon talks, even presidential candidates running for office, listen!

Dimon is no fan of remote work and feels it suppresses “spontaneous idea generation”. Moreover, Dimon thinks managing remotely is unfruitful. Dimon has been quoted as saying, “I don’t know how you can be a leader and not be completely accessible to your people.”

Per Todd Campbell’s piece from The Street, Dimon’s distaste for work-from-home staff is palpable, “I completely understand why someone doesn’t want to commute an hour and a half every day. Totally get it...Doesn’t mean they have to have a job here either.” I would love to see if Dimon adheres to his own standards and clocks in 40 hours per week from the Century City brick-and-mortar location.

Mayor Jacob Frey on the campaign trail.

To drum up an economic turnaround for his failing, decimated downtown business center, Minneapolis Major Jacob Frey perpetuates negative stereotypes about remote workers being “lazy incels” (in so many words) to shame them into returning to their offices. While insulting people is not a preferred method of persuasion, I understand Mayor Frey’s concerns; which echo many of the concerns of business owners or corporate executives have about remote work.

To summarize my previous article on employer skepticism for remote work, employers prefer employees to be back at the office for several reasons. These include a lack of trust in subordinates, concerns about productivity and accountability, and a lag in communication response time. There’s one other issue employers care about - it’s the issue of unused workplaces. Locked into a Lease Many businesses are locked into long-term, pre-pandemic leases for large office spaces that they no longer need due to the proliferation of remote workers. Ergo, Employer Overlords want staff to return to their cubicles to justify the high expense of leasing a fancy, large, modern office - adhering to the “Sunk Cost Fallacy”. (If you are unfamiliar with the Sunk Cost Fallacy, please click the preceding link.)

Perhaps, Jamie Dimon has a vested interest in being against remote work. Due to significant outstanding loans, high vacancy rates in commercial buildings pose a risk to banks (such as Dimon’s JP Morgan Chase conglomerate). Remote work's impact on sustained high vacancy rates, combined with rising interest rates, and reduced property values, increases the likelihood of delinquencies and defaults.

Dimon has a vested interest in getting office buildings repopulated. Frey has a stake in the matter too. If Minneapolis fails to rebound in the court of public opinion, Frey will be on the unemployment line after the next election.

Follow the money to discover the motive! Employer Overlords Need To Adapt or Be Left Behind Those Employer Overlords, such as Dimon and Frey, who cling to unflattering stereotypes of remote staff and/or overestimate the importance of the sunk costs of commercial real estate should be more concerned about running off their premium talent by not understanding where business trends are heading regarding remote work.

The pandemic let the genie out of the bottle, much like when your teen son discovered that his body is a “wonderland” - and suddenly sees the “virtues of long showers, multiple times per day”. Smart moms will encourage their teen boys to get up earlier for school to accommodate their “new interest in cleanliness”, instead of complaining about how their son’s “mysterious” 45-minute morning showers always make them late for school!

Reality Check Logo

REALITY CHECK #1 - Wage Slaves Know Remote Work is a Possibility There was one silver lining to the pandemic for Wage Slaves. We collectively learned many white-collar jobs can be performed remotely. Employer Overlords immediately scrambled to get staff online en mass to avoid pandemic-related profit losses. Now, Wage Slaves got acclimated to a whole new world of flexibility, perks, and autonomy that was unthinkable just 5 years ago! REALITY CHECK #2 - Convenience Everyone from all walks of life can agree on one thing - nobody likes traffic!Why wouldn’t Wage Slaves want to save an average of 2 hours of travel time per day in unhealthy, wasteful daily commutes to and from the office?

Also, if you are working from home you don’t need the same amount of time to get “business casual” ready. By saving time on outfit prep with limited ironing, hair styling, and applying makeup, one can save at least another 30 minutes to an hour in the morning every day. Complaining about how busy we are, is a cherished pastime for Americans. Notwithstanding, if working remotely saves me 3 hours a day, 15 hours per week, and 60 hours per month of mundane drudgery, this new convenience is worth its weight in gold - and a new non-negotiable - for many Wage Slaves.

REALITY CHECK #3 - Work-Life Balance Remote work allows Wage Slaves to be untethered to an unaffordable, decaying city center, where many are compelled to live - just to be in close enough proximity to their employers - for a 5-day per week daily commute. Now, those who work remotely can relocate to the suburbs, exurbs, or rural communities and enjoy the amenities of those accompanying lifestyles. Some adore remote work for more practical reasons, including having more time to dedicate to family & friend’s special events, participating in meaningful child-rearing activities, immersing in hobbies, and launching other business ventures. Time spent with loved ones during bond-building social events and creating new memories through vivid experiences is a luxury more sought after than a nominal increase in salary for many people. REALITY CHECK #4 - Cost Effectiveness If more of their staff works remotely, forward-thinking Employer Overlords can save huge money on the immutable high cost of rent in major metropolitan cities by moving into smaller buildings or eliminating unnecessary satellite offices. In turn, corporate savings on extraneous office space rentals add up considerably when you consider the savings on the related items of staffing, equipping, and maintenance needs required to run a facility. Wage Slaves save significant money on eating out for lunch, dry cleaning professional outfits, purchasing beauty products, gas or carfare, and vehicle repairs that all come with the traditional 5-day-per-week daily office commute. All in all, remote work can shed hidden costs for both Employer Overlords and Wage Slaves alike. REALITY CHECK #5 - Enhanced Productivity Remote workers often exhibit higher productivity levels compared to in-office workers for several reasons. According to a study conducted by Stanford University, remote workers were found to be 13% more productive than their in-office counterparts.

First, remote workers can enjoy fewer distractions and interruptions commonly found in office environments, allowing them to focus better on their tasks. Second, the flexibility of remote work enables individuals to optimize their work-life balance, leading to increased job satisfaction and motivation.

Finally, eliminating commuting time translates into more available working hours, contributing to enhanced productivity - especially when overtime is necessary to complete vital projects on tight deadlines. Ex: You might be more inclined to work until 8 pm or 9 pm on a rare occasion if you can start dinner right after you close your laptop vs. doing a 1-hour commute at 8 pm or 9 pm. (Source: Stanford News - "Working from home: A productivity boost or a pandemic distortion?")

REALITY CHECK #6 - It’s Here to Stay Advancements in video communication technology have proved reliable for important group conferences, mandatory meetings with your direct supervisor, or even connecting with international partners and consumers. Furthermore, there have never been more plentiful ways for employers to communicate with employees, which has rendered in-person communication less essential. Those Employer Overlords who are averse to remote work are coming off as untrusting dinosaurs, and risk being unable to attract in-demand talent with plenty of suitors and prize flexibility over a few more bucks.

Mayor Jacob Frey looking to a brighter future.

Conclusion

As many workers realize, time is irreplaceable, money is not everything, so it’s not all about the bottom line anymore - like in the days of Mad Men. 78% of global survey respondents would take lower salaries if they could work from home.

Savvy employers should take advantage of remote work's tangible benefits and cost-friendly resources. Companies can save money on salaries for premium talent who seek work-life balance, convenience, and prioritize flexibility. Instead of losing premium talent to progressive companies, sometimes it truly is better to follow the adage, “If you can’t beat ‘em, join ‘em!”