A pay cut to work from home? Many employees would take it

Business

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AUSTIN (Austin Business Journal/KXAN) — Remote work is not going away any time soon — and many workers would be willing to take an average pay cut of 7% to work from home two or three days a week.

The in-depth look at remote work after the Covid-19 pandemic comes from the University of Chicago’s Becker Friedman Institute for Economics, which found about 21% of total work hours post-pandemic will be from home — a huge increase from 5% before the pandemic.

That desire to continue working from home is nearly universal, cutting across age, education, gender, earnings and family circumstances, according to the working paper. Several other surveys have found similar desires for work-from-home flexibility and experts say it’s becoming a must in the hiring market. Employers have signaled they understand workers desires – even if there is a disconnect between employee preferences and employer plans.

But, even though 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 quite that simple for businesses.

“I think the biggest thing to take away is that we engaged in a compulsory mass social experiment. We never would have done this willingly,” said Steven Davis said, adding workers were surprised by how well that remote work turned out. He’s one of the authors of the working paper.

“Being forced to do so by the pandemic, we learned lots of things about what works well remotely and what doesn’t. “

To read more, visit Austin Business Journal.

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